Regresar

Succession Factors in Family Business

Abstract:

The difficulties of strategic maturation in the final years of the first generation of a family business, can lead in many cases to its liquidation or sale. The objective is to identify the factors involved in a successful succession process. The study is based on a systematic bibliographic review of scientific articles, applying the technique of text mining through the MAXQDA software version 2020. As a result, twenty-seven succession factors organized in the subsystems were obtained: business, family and ownership. They adopt universal criteria about the family business from different theoretical approaches. It is concluded that if the family company considers from its first succession aspects such as: corporate governance, agency problems, insertion of new non-family members, altruism, atomization of ownership and transparency in the management of legal obligations-will be consistent with the future transfers of power it carries out over time. Therefore, they can be considered in other studies, as well as in the implementation of government and private policies that promote entrepreneurial survival. Since, regardless of the situation in the region, organizational culture or data collection methodology, these factors can be adapted and generate particular conclusions.