An Evaluation of Factors Affecting Family Business Succession for Smart Human Resource Management

Abstract

Family size, ties to the family, heir preparedness level, planning and management activities, legal counsel, and human resources are some of the internal or controllable aspects that affect how a family business transfers. To evaluate the ease of generational change and the effect of each variable set on the success of the family business in the future, a complete survey of second- and third-generation family business owners/managers was done. A family business's management and treatment of its employees may be impacted by early family influences. This special issue investigates family theory in order to comprehend how families affect human resource management in family firms and how human resource management affects the important outcomes of family enterprises. It implies that careful succession planning is frequently employed as a fruitful experiment for smooth transitions. The goal of the study is to conduct a more thorough analysis of the family business succession process and to pinpoint the elements that support smooth transitions and productive outcomes.

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“…This poses a major threat to businesses as it can lead to the improper functioning of the latter. Formalisation of the succession process is one of the most important factors for successful succession (Mishra et al, 2022).…”