Successful implementation of succession planning: second generation
- Authors: Fox, Roderick Charles
- Date: 2012
- Subjects: Family-owned business enterprises -- Succession , Family corporations -- Management
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:8771 , http://hdl.handle.net/10948/d1012445 , Family-owned business enterprises -- Succession , Family corporations -- Management
- Description: Family businesses are prevalent in South Africa and throughout the world. Succession is one of the largest challenges facing family businesses. It has been estimated that only one third of family businesses survive to the second generation. This study attempts to determine what the main features are to promote successful family business succession and continuity. The family chosen for this research is the Venter family. The research has scaled the various influencing variables from the literature review into the following focus areas: relationships, conflict, vision, effective succession characteristics and continuity. The findings reflect many instances found in the literature, some are: individuals can manage themselves and have relationships with others; have the ability to resolve conflicts; have mutual support and trust; there is respect between the founder and successor; the business vision is clear; communication is open and clear and decisions are based on expertise and knowledge. Many other aspects are highlighted in the research that follows. In addition, the study attempts to identify the generational effects, the major characteristics of the family owned succession process and the views of the predecessors on the succession process and the post succession period.
- Full Text:
- Date Issued: 2012
- Authors: Fox, Roderick Charles
- Date: 2012
- Subjects: Family-owned business enterprises -- Succession , Family corporations -- Management
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:8771 , http://hdl.handle.net/10948/d1012445 , Family-owned business enterprises -- Succession , Family corporations -- Management
- Description: Family businesses are prevalent in South Africa and throughout the world. Succession is one of the largest challenges facing family businesses. It has been estimated that only one third of family businesses survive to the second generation. This study attempts to determine what the main features are to promote successful family business succession and continuity. The family chosen for this research is the Venter family. The research has scaled the various influencing variables from the literature review into the following focus areas: relationships, conflict, vision, effective succession characteristics and continuity. The findings reflect many instances found in the literature, some are: individuals can manage themselves and have relationships with others; have the ability to resolve conflicts; have mutual support and trust; there is respect between the founder and successor; the business vision is clear; communication is open and clear and decisions are based on expertise and knowledge. Many other aspects are highlighted in the research that follows. In addition, the study attempts to identify the generational effects, the major characteristics of the family owned succession process and the views of the predecessors on the succession process and the post succession period.
- Full Text:
- Date Issued: 2012
An examination of succession planning approaches in family owned businesses : a case study of two businesses in East London, South Africa
- Authors: Govender, Rowan
- Date: 2011
- Subjects: Family-owned business enterprises -- Succession -- South Africa , Family-owned business enterprises -- South Africa -- Management , Family corporations -- Management
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:8589 , http://hdl.handle.net/10948/1621 , Family-owned business enterprises -- Succession -- South Africa , Family-owned business enterprises -- South Africa -- Management , Family corporations -- Management
- Description: Family businesses constitute a large number of businesses worldwide contributing significantly to the global economy. Succession planning is a key issue influencing the sustainability of these family businesses. According to research, approximately 30% of businesses fail due to matters related to succession planning (Grote, 2003). Further research indicated that approximately 50% of family businesses do not have adequate succession plans in place. Hence, family businesses are exposed to significant risk in sustainability due to insufficient succession planning. An effective approach to succession planning in a family business increases the chance of success of a family business in both the short and long term. The purpose of this study was to develop a better understanding of approaches to succession planning in two family businesses in East London, South Africa. This purpose was to improve the commercial viability of family businesses and improve the body of knowledge from an academic perspective. To this end, a detailed literature study was conducted on family businesses and succession planning. A qualitative case study research paradigm was implemented to ascertain the nature of the approaches adopted by the two businesses. An interview process was conducted with the incumbent founders (fathers) and successors (sons) of the family business. This process suggested that each business requires a unique approach to succession plan which may include aspects of formal and informal processes. It is necessary to understand the nature of the family business, its interrelated relationships and context to adequately determine the success of a succession approach. It is for this reason that families aspiring long term sustainability should invest in effective succession planning approaches that integrate the nuances of the individual family business.
- Full Text:
- Date Issued: 2011
- Authors: Govender, Rowan
- Date: 2011
- Subjects: Family-owned business enterprises -- Succession -- South Africa , Family-owned business enterprises -- South Africa -- Management , Family corporations -- Management
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:8589 , http://hdl.handle.net/10948/1621 , Family-owned business enterprises -- Succession -- South Africa , Family-owned business enterprises -- South Africa -- Management , Family corporations -- Management
- Description: Family businesses constitute a large number of businesses worldwide contributing significantly to the global economy. Succession planning is a key issue influencing the sustainability of these family businesses. According to research, approximately 30% of businesses fail due to matters related to succession planning (Grote, 2003). Further research indicated that approximately 50% of family businesses do not have adequate succession plans in place. Hence, family businesses are exposed to significant risk in sustainability due to insufficient succession planning. An effective approach to succession planning in a family business increases the chance of success of a family business in both the short and long term. The purpose of this study was to develop a better understanding of approaches to succession planning in two family businesses in East London, South Africa. This purpose was to improve the commercial viability of family businesses and improve the body of knowledge from an academic perspective. To this end, a detailed literature study was conducted on family businesses and succession planning. A qualitative case study research paradigm was implemented to ascertain the nature of the approaches adopted by the two businesses. An interview process was conducted with the incumbent founders (fathers) and successors (sons) of the family business. This process suggested that each business requires a unique approach to succession plan which may include aspects of formal and informal processes. It is necessary to understand the nature of the family business, its interrelated relationships and context to adequately determine the success of a succession approach. It is for this reason that families aspiring long term sustainability should invest in effective succession planning approaches that integrate the nuances of the individual family business.
- Full Text:
- Date Issued: 2011
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