Business Succession Plan of Small and Medium Sized Family Firms in Daegu-Kyungbuk Region

Kim, Sungsook; Huh, Subok

doi:10.36029/fpr.2019.08.12.3.115

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“…The last result of the first-tier, a succession plan, was found to be the least important. However, succession should be prepared and implemented for a long time (Kim & Nam, 2011), and various plans are necessary (Kim & Huh, 2019). Nevertheless, considering an incumbent CEO is the most crucial person during a succession process, we assumed the result that incumbent CEOs did not see the necessity to share the plans with family members because they had those in mind already.…”

Section: Conclusion Discussion and Implicationsmentioning

confidence: 99%

Success Factor Priorities for the Succession of Family Firms

Cho¹

2022

CMR

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This research explored the opinion of incumbent CEOs of family businesses on the critical issue of the sustainability of a family business, succession. The incumbent CEO has the irreplaceable rights to make important decisions with regard to business succession. We used Analytic Hierarchy Process (AHP) methodology by dividing variables into two tiers. The first-tier has four categories 1) the relationship with a successor, 2) a successor's management ability, 3) a successor's self-efficacy, and 4) a succession plan. Each first-tier has three sub-dimensions which comprise the secondtier. The findings showed that the successors' management ability was the most important factor, followed by the relationship with a successor, succession plan, and successors' self-efficacy. In the second-tier the importance of successors' interpersonal management ability is highlighted. Successors are expected to maintain good relationship with both family and non-family members. Implications for the successful succession of a family business are drawn.

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Section: Conclusion Discussion and Implicationsmentioning

confidence: 99%

Success Factor Priorities for the Succession of Family Firms

Cho¹

2022

CMR

View full text Add to dashboard Cite

show abstract

Business Succession Plan of Small and Medium Sized Family Firms in Daegu-Kyungbuk Region

Cited by 1 publication

References 0 publications

Success Factor Priorities for the Succession of Family Firms

Success Factor Priorities for the Succession of Family Firms

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