Second-Generation Entrepreneurs: Passing the Baton in the Privately Held Company
The succession of second-generation entrepreneurs to control of the family business created by their fathers is a challenging, often unsatisfactory process. A study of ten entrepreneurial families who have experienced succession discovered that the preparation of sons and daughters to take over the...
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Published in: | Management decision 1991-01, Vol.29 (1), p.42 |
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Main Author: | |
Format: | Article |
Language: | English |
Subjects: | |
Citations: | Items that cite this one |
Online Access: | Get full text |
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Summary: | The succession of second-generation entrepreneurs to control of the
family business created by their fathers is a challenging, often
unsatisfactory process. A study of ten entrepreneurial families who have
experienced succession discovered that the preparation of sons and
daughters to take over the family business was disorganised, inadequate,
and sometimes inept. Moreover, founder-fathers and non-family employees
had done little to prepare for the transition to second-generation
leadership. Based on the troubling experience of these ten families and
the author′s work with dozens of family businesses, this article
proposes a comprehensive developmental model designed to increase the
chances of second-generation success. |
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ISSN: | 0025-1747 1758-6070 |
DOI: | 10.1108/00251749110141185 |