editedbook
Publication: IIP Proceedings Year: 2022, Month: November Page No: 111-118, ISSN/ISBN: 978-93-95632-62-1, DOI/Link: https://www.rsquarel.org/assets/docupload/rsl2023101FE8F64717204.pdf
THE ROLE OF SUCCESSION PLANNING IN CONTINUITY OF FAMILY BUSINESS FIRMS
Area/Stream: Management, Authors: Shaurya A. Shah Keywords: Family business, Succession planning, Succession Plan. Book Name /series: Futuristic Trends in Management, Volume 2, Book 8, Part 1, Chapter 12Publication: IIP Proceedings Year: 2022, Month: November Page No: 111-118, ISSN/ISBN: 978-93-95632-62-1, DOI/Link: https://www.rsquarel.org/assets/docupload/rsl2023101FE8F64717204.pdf
Abstract:
One of the most difficult tasks for family companies is ensuring a smooth transition of power from one generation to the next. However, many family companies lack a clear plan for the future of the company. How a company prepares for the future is through succession planning. This chapter expands our knowledge of this challenging topic by investigating how successors employ succession narratives inside family businesses to justify their claims to power. The success and survival of family companies, which account for a sizable portion of GDP and employment opportunities in the modern economy, is a pressing concern. The findings illustrate the unique qualities of family companies, which make them vulnerable to the experiences and challenges that might threaten their continuity, especially during succession. In addition, family-run businesses typically have a longer-term focus, with decisions made within the family and the company being relatively stable so long as the founder remains at the helm. This study aids in expanding our understanding of family businesses and, more specifically, the challenges that arise during the transition from one generation to the next. This chapter can be helpful to family-owned and operated businesses by providing lessons learned on how to ensure organizational sustainability and develop a successful succession plan.
Cite this: Shaurya A. Shah,"THE ROLE OF SUCCESSION PLANNING IN CONTINUITY OF FAMILY BUSINESS FIRMS", Futuristic Trends in Management, Volume 2, Book 8, Part 1, Chapter 12, November, 2022, 111-118, 978-93-95632-62-1, https://www.rsquarel.org/assets/docupload/rsl2023101FE8F64717204.pdf
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