Purpose: Knowledge of the factors that influence success in the succession of family businesses is limited. Despite recent studies, theory cannot explain why only 10 % of all family businesses make it to the third generation. The aim of this dissertation is to identify critical success factors for succession in family businesses.
Methodology: A qualitative multiple-case study design with third-generation family businesses, two from Germany and one from the UK was employed. A cross-case analysis was carried out to identify critical success factors and then complemented by a single-case analysis.
Findings: Nine of the ten tested hypotheses were confirmed. These were successor development, professionalization, knowledge transfer, capital structure, corporate governance, family harmony, stepping aside, succession planning and long-term orientation. The hypothesis about dividend policy was not confirmed. No significant differences were found to be based on national influence.
Practical Implications: From the results, a new model for family business succession is developed which leads to four best practice recommendations. These are the implementation of shared leadership, linking ownership to management; ensure communication in the family to create family harmony and the use of outside consultants.
Limitations: Due to the case study design, this research does not provide statistical generalizable findings.
Originality/ Value: This study increases the knowledge about critical success factors of succession in family businesses. The use of cases from two countries and three different industries increases the significance. The newly developed model for family business succession proposes a new view on the succession process that should be tested by future studies.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- Research Background
- Aim And Objectives
- Overview of Research Methodology
- Structure Of The Dissertation
- Summary
- Literature Review
- Introduction
- Sources
- Overview of Family Business Studies
- Introducing The Family Business
- Current Status Of Family Business Studies
- Succession
- Success In Succession
- Related Business Studies
- Entrepreneurship
- SMEs
- Differences Between SMEs In The UK And The German "Mittelstand"
- Generating The Hypotheses
- The Business
- Ownership And Corporate Finance
- The Family
- Time Horizon
- Conclusion And Research Gaps
- Research Methodology
- Introduction
- Research Philosophy
- Data Collection
- Research Strategy
- Case Study Design
- Research Methods
- Selection Of Cases
- Data Analysis
- Reliability, Validity And Limitations
- Ethical Considerations
- Summary
- Presentation Of Case Studies
- Introduction
- Case Study Macsween: The Chieftain Of Scottish National Dish Haggis
- Case Study Kammerer: From A Basement To International Success
- Case Study Wiesbadener Wach- und Schließgesellschaft: In 100 Years From Night Watchmen To Modern Security Solutions
- Summary
- Analysis Of Findings
- Introduction
- Background Information
- Cross-Case Analysis
- The Business - How To Change Without Changing Too Much
- Ownership – How To Keep Control
- The Family - Trust And Support Or Source Of Conflict?
- Time Horizon - Inheriting The Past, Building The Future
- Communication – Connecting The Perspectives
- Single-Case Analysis
- Critical Success Factors For Macsween Of Edinburgh
- Critical Success Factors For Kammerer Gewindetechnik
- Critical Success Factors For Wiesbadener Wach- und Schließgesellschaft
- Summary
- Conclusion And Recommendations
- Introduction
- Summary Of Findings And Conclusions
- Recommendations And Best Practices
- Limitations
- Suggestions For Future Research
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This dissertation aims to identify critical success factors for succession in family businesses. The study utilizes a qualitative multiple-case study design with three third-generation family businesses, two from Germany and one from the UK. The research focuses on identifying and analyzing critical success factors and then developing a model for family business succession that leads to best practice recommendations. Here are some key themes explored in the text: * **Success factors in family business succession:** The research investigates the factors that contribute to successful succession in family businesses, focusing on factors like successor development, professionalization, knowledge transfer, and family harmony. * **Comparative analysis of family businesses:** The study compares family businesses in Germany and the UK, examining potential differences in succession practices and factors influencing success. * **Impact of national influence:** The research explores whether national factors, such as cultural norms and legal frameworks, play a significant role in shaping succession processes and outcomes. * **Developing a model for family business succession:** The dissertation aims to develop a model that outlines best practices for successful succession in family businesses. * **Practical implications for family business owners:** The research provides actionable insights and recommendations for family businesses to enhance their chances of successful succession.Zusammenfassung der Kapitel (Chapter Summaries)
- Introduction: This chapter sets the context for the research by introducing the background of family businesses and their succession challenges. It outlines the research aim and objectives, briefly describes the methodology employed, and provides a roadmap for the dissertation's structure.
- Literature Review: This chapter delves into existing literature related to family businesses, succession, and success factors. It provides a theoretical framework for the study and highlights key concepts and research gaps.
- Research Methodology: This chapter details the research approach used, including the research philosophy, data collection methods, case study design, and data analysis techniques. It also addresses ethical considerations and limitations.
- Presentation of Case Studies: This chapter presents the three case studies – Macsween, Kammerer, and Wiesbadener Wach- und Schließgesellschaft. It provides background information on each company, highlighting key characteristics and factors relevant to the study.
- Analysis of Findings: This chapter analyzes the data gathered from the case studies. It identifies critical success factors for each company and performs cross-case analysis to identify common themes and patterns.
Schlüsselwörter (Keywords)
This dissertation focuses on critical success factors and best practices for business succession in family businesses. Key concepts include: family business, succession, third generation, case study, critical success factors, best practices, Germany, United Kingdom, knowledge transfer, professionalization, family harmony, ownership, management, shared leadership, communication, and outside consultants. The research explores differences in family business succession between Germany and the UK, aiming to develop a model for successful succession that can be applied across various contexts.- Quote paper
- Daniel Scheffold (Author), 2013, Critical success factors and best practices for business succession., Munich, GRIN Verlag, https://www.grin.com/document/269949
