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6. FAMILY BUSINESS SUCCESSION: A SURVEY-BASED ANALYSIS OF SUCCESSION READINESS

Author

Arik, Murat and Pendleton, Corey

Subjects
Succession planning (Business) -- Surveys, Family corporations -- Surveys, Family-owned business enterprises -- Surveys, Business owners -- Surveys, Business
Abstract

The family-owned and controlled businesses represent a significant portion of the United States economy and have a massive impact on economic prosperity. Family businesses also contribute to societal stability. While their economic roles are significant, the Achilles' heel of the family business is succession. Family business succession is a complex interaction between competing individuals with unique and distinct goals. Logistical considerations on the business side and emotional tension from the family side complicate the process of succession. Business owners must ensure that the company is ready for the transition, a successor has been chosen, and the successor is prepared to assume their role. This paper first develops a novel survey-based succession readiness index (n=310). Then, using path analysis, it explores the relationship between succession readiness and other latent indicators such as characteristics of a potential successor, the firms, the business owners, and the level of communication among family members. The study findings provide a fresh perspective into the relationships between succession readiness and business characteristics. Keywords: family business, succession readiness, path analysis, INTRODUCTION According to a seminal study conducted by Astrachan and Shanker (2003), family businesses comprise roughly 29 to 64 percent of US GDP (Gross Domestic Product), approximately 5.9 trillion US [...]

Published
2022

8. Individual Perceptions of Institutional Uncertainty: Evidence from India

Author

Rose, Elizabeth L. and Lahiri, Nandini

Subjects
Emerging markets -- Surveys, Family corporations -- Surveys, Entrepreneurship -- Surveys, Family-owned business enterprises -- Surveys, Businesspeople -- Surveys, Business, general, Business, Business, international
Abstract

The nature of a location 's institutional environment affects businesses and individual citizens, and the extent to which people trust institutions may affect regulatory compliance. We investigate institutional trust among three groups in India: founders of entrepreneurial ventures, second (or later) generation managers of family firms, and salaried employees. Rather than treating the institutional environment as monolithic, we consider six components that represent policy, implementation, and security: central and state governments, bureaucracy, judiciary, army, and police. Based on large-scale, questionnaire-based data, we find evidence that the antecedents of trust differ across both the three groups of respondents and the six aspects of the institutional environment. Key words: Institutional environment, entrepreneurs, family firms, India, emerging markets, trust, optimism, uncertainty, 1. Introduction Institutions matter, as they create the context in which all aspects of daily life are conducted. Researchers tend to consider institutions at the level of the nation-state, and [...]

Published
2022

9. COMMUNICATION IS THE X FACTOR WHEN IT COMES TO BRINGING UP 'NEXT GEN' TRUCKING LEADERSHIP

Subjects
Business communication -- Surveys, Family corporations -- Surveys, Family-owned business enterprises -- Surveys, Trucking -- Surveys, Employee development -- Surveys, News, opinion and commentary, Cornell University -- Surveys
Abstract

ARLINGTON, Va. -- The following information was released by the American Trucking Association: When it comes to developing the next round of leaders for America's trucking family businesses, straightforward communication [...]

Published
2024

10. Future Business Leaders of Vietnam Embrace GenAI for Growth and Innovation

Subjects
Executives -- Surveys, Strategic planning (Business) -- Surveys, Family corporations -- Surveys, Family-owned business enterprises -- Surveys, Telecommunications industry
Abstract

Impact of GenAI on Business Strategies in Vietnam A recent survey by PwC Asia Pacific has highlighted a shift in the business mindset among Vietnamese CEOs with the rise of [...]

Published
2024

13. Deloitte Private Survey: Generational Disparities Emerge in Succession Planning and Priorities Shaping Family Businesses

Subjects
Succession planning (Business) -- Surveys, Family corporations -- Surveys, Family-owned business enterprises -- Surveys, Accounting firms -- Surveys, Business, News, opinion and commentary
Abstract

Twenty-four percent of the current generation of leadership and just 13% of next generation family members surveyed strongly agree that their family-owned business would continue to run smoothly and without [...]

Published
2024

15. Next generation of family business members in Dubai more focused on business expansion than their global counterparts

Subjects
Succession planning (Business) -- Surveys, Family corporations -- Surveys, Family-owned business enterprises -- Surveys, Business, international
Abstract

Respondents in Dubai are more interested in generative AI than their family business counterparts around the world. · 32% of Dubai-based family business members expect generative AI to increase profitability, [...]

Published
2024

16. Bank survey: Family-owned businesses more optimistic in 2024

Subjects
Banks (Finance) -- Surveys, Family corporations -- Surveys, Family-owned business enterprises -- Surveys, General interest, News, opinion and commentary
Abstract

Washington, D.C: American Bankers Association has issued the following news release: Family-owned businesses have grown increasingly optimistic regarding their strength and are focused on recruiting and retaining employees, according to [...]

Published
2024

19. Great Place to Work® Names Bacardi Fortune World's Best Workplaces™ in 2023, Ranking 18th

Subjects
Bacardi International Ltd., Alcoholic beverage industry -- Surveys, Family corporations -- Surveys, Family-owned business enterprises -- Surveys, Business, Business, international
Abstract

M2 PRESSWIRE-November 20, 2023-: Great Place to Work® Names Bacardi Fortune World's Best Workplaces™ in 2023, Ranking 18th (C)1994-2023 M2 COMMUNICATIONS RDATE:17112023 Family-owned company celebrates workplace culture HAMILTON, Bermuda - [...]

Published
2023

20. Great Place To Work[R] Names Bacardi Fortune World's Best Workplaces[TM] in 2023, Ranking #18

Subjects
Bacardi International Ltd., Alcoholic beverage industry -- Surveys, Family corporations -- Surveys, Family-owned business enterprises -- Surveys, Business, Business, international
Abstract

Family-owned company celebrates workplace culture HAMILTON, Bermuda -- Congratulations are in order as Bacardi, the world's largest privately held international spirits company, celebrates its debut on the World's Best Workplaces[TM] [...]

Published
2023

21. 17% of family businesses do not have the most basic form of governance -- The Malta Chamber

Subjects
Family corporations -- Surveys, Family-owned business enterprises -- Surveys, Boards of directors -- Surveys, Chambers of commerce -- Surveys, General interest, News, opinion and commentary
Abstract

A survey carried out by The Malta Chamber of Commerce, Enterprise and Industry showed that 17% of family businesses do not have the most basic form of governance or a [...]

Published
2023

22. New Global Report Reveals How Stakeholder Capitalism Embedded in Family Businesses Is Helping to Give Them a Competitive Advantage

Subjects
KPMG International Ltd., Sustainable development -- Surveys, Business -- Research, Family -- Surveys, Family corporations -- Surveys, Free enterprise -- Surveys, Family-owned business enterprises -- Surveys, Accounting firms -- Surveys, Business, Business, international
Abstract

Annual report from KPMG Private Enterprise and the STEP Project Global Consortium highlights how family businesses have made sustainability an integral component within their business model, with 43 percent of [...]

Published
2023

23. New Survey Explores State of U.S. Family-Owned Businesses

Subjects
Succession planning (Business) -- Surveys, Business -- Surveys, Family corporations -- Surveys, Family-owned business enterprises -- Surveys, General interest, News, opinion and commentary
Abstract

ST. LOUIS: FIRST BANK has issued the following news release: Only twenty-seven percent of family businesses surveyed have a fully structured succession plan, with more than half (52%) of respondents [...]

Published
2023

24. New Survey Explores State of U.S. Family-Owned Businesses

Subjects
Succession planning (Business) -- Surveys, Business -- Surveys, Family corporations -- Surveys, Family-owned business enterprises -- Surveys, Business, Business, international
Abstract

Gaps in Succession Planning, Motivation and Priorities Among Generations ST. LOUIS -- Only twenty-seven percent of family businesses surveyed have a fully structured succession plan, with more than half (52%) [...]

Published
2023

25. Family business survey produces lopsided results

Subjects
Family corporations -- Surveys, Business -- Surveys, Employment services -- Surveys, Family-owned business enterprises -- Surveys, Business, Business, regional
Abstract

Byline: CHUCK SODER The results were pretty lopsided. Profits are up for many of the 101 companies on the Crain's Family-Owned Businesses list -- but they're almost universally struggling to [...]

Published
2022

26. Citi Private Bank and Cambridge Family Enterprise Group Offer a Roadmap for Family Enterprises to Navigate Through the Turbulent 2020s

Subjects
Family -- Surveys, Banks (Finance) -- Surveys, Family corporations -- Surveys, Family-owned business enterprises -- Surveys, Private banking -- Surveys, General interest, News, opinion and commentary
Abstract

NEW YORK: Citi Private Bank has issued the following news release: Citi Private Bank today released The Future of Family Enterprise: Turbulence and Transformation in the 2020s, a report that's [...]

Published
2022

27. Citi Private Bank and Cambridge Family Enterprise Group Offer a Roadmap for Family Enterprises to Navigate Through the Turbulent 2020s

Subjects
Family -- Surveys, Banks (Finance) -- Surveys, Family corporations -- Surveys, Family-owned business enterprises -- Surveys, Private banking -- Surveys, Business, Business, international
Abstract

A global, multigenerational study commissioned by Citi Private Bank and conducted by Cambridge Family Enterprise Group reveals the critical issues and transformation strategies required for family enterprises--and families themselves--to succeed [...]

Published
2022

28. Company succession in Switzerland: Emotions complicate handover planning

Subjects
Credit Suisse Group AG, Financial services industry -- Surveys, Succession planning (Business) -- Surveys, Family corporations -- Surveys, Entrepreneurship -- Surveys, Family-owned business enterprises -- Surveys, Businesspeople -- Surveys, Financial services industry, General interest, News, opinion and commentary
Abstract

Zurich: Credit Suisse has issued the following press release: Together with the Center for Family Business at the University of St. Gallen (CFB-HSG), the economists of Credit Suisse have today [...]

Published
2022

29. Generational Differences Can Lead to Succession Issues

Subjects
Kings and rulers -- Succession, Family corporations -- Surveys, Family-owned business enterprises -- Surveys, Business, general
Abstract

Byline: Russ Alan Prince Succession within family enterprises is complicated by numerous factors-history, interpersonal relationships, power dynamics, emotions-that influence the beliefs and the objectives of interested parties. Our recent research [...]

Published
2022

30. Country, Region And Territory Benchmarking Data

Subjects
Benchmarks -- Surveys, Family corporations -- Surveys, Free enterprise -- Surveys, Family-owned business enterprises -- Surveys, Benchmark, Business, international
Abstract

The STEP Project Global Consortium and KPMG Private Enterprise came together to explore the reasons behind the 'regenerative superpower' of family businesses, with data collected from 2,439 family business leaders [...]

Published
2022

31. Recent Studies from Free University Bolzano Add New Data to COVID-19 (Managerial Capabilities and Strategic Renewal In Family Firms In Crisis Situations: the Moderating Role of the Founding Generation)

Subjects
Business -- Research, Family corporations -- Surveys, Family-owned business enterprises -- Surveys, Coronaviruses -- Surveys, Health
Abstract

2023 FEB 6 (NewsRx) -- By a News Reporter-Staff News Editor at Respiratory Therapeutics Week -- Researchers detail new data in Coronavirus - COVID-19. According to news reporting out of [...]

Published
2023

32. The Wills Group Earns Great Place to Work Certification[TM]

Subjects
Wills Group Inc., Employers -- Surveys, Employee retention -- Surveys, Corporate culture -- Surveys, Family corporations -- Surveys, Family-owned business enterprises -- Surveys, Business, Business, international
Abstract

LA PLATA, Md. -- The Wills Group, including its family of businesses, Dash In, Splash In ECO Car Wash, and SMO Motor Fuels, is proud to announce today that it [...]

Published
2022

33. University of West Attica Researcher Describes Recent Advances in Marketing (Examining relationship marketing and strategic branding in b2b Greek SMEs: A family business development)

Subjects
Business-to-business market -- Surveys, Interpersonal relations -- Surveys, Small and medium sized companies -- Surveys, Family corporations -- Surveys, Business-to-business advertising -- Surveys, Family-owned business enterprises -- Surveys, Business to business market, Advertising, marketing and public relations
Abstract

2022 OCT 1 (VerticalNews) -- By a News Reporter-Staff News Editor at Marketing Weekly News -- Current study results on marketing have been published. According to news reporting originating from [...]

Published
2022

35. Deloitte Middle East Family Enterprise Survey: Fit for the Future

Subjects
Family corporations -- Surveys, Family-owned business enterprises -- Surveys, Accounting firms -- Surveys, Business, international
Abstract

Deloitte launched the 2021 Middle East Family Enterprise Survey, providing insight from prominent family groups across the region. The survey explores how family enterprises are planning and prioritising transformation across [...]

Published
2021

36. Study of factors determining the formation of the family social capital in family enterprises in the southern region of Minas Gerais/Estudo dos fatores que determinam a formacao do capital social familiar em empresas familiares na regiao sul de Minas Gerais/Estudio de los factores que determinan la formacion del capital social familiar en empresas familiares en la region sur del estado de Minas Gerais

Author

Andrade, Daniela Meirelles, de Lima, Juvencio Braga, Antonialli, Luiz Marcelo, and Filho, Geraldo Alemandro Leite

Published
2013
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37. Korea Republic of : SKT, ranked first in Korea Service Quality Index (KS-SQI) for 22 consecutive years

Subjects
SK Telecom Company Ltd. -- Rankings, Telecommunications services industry -- Rankings, Family corporations -- Surveys, Family-owned business enterprises -- Surveys, Communications industry -- Rankings, Telecommunications services industry, Business, international
Abstract

SK Telecom ranked first in the mobile communication sector of the 2021 Korean Standard-Service Quality Index (KS-SQI) hosted by the Korea Standards Association for 22 consecutive years. . SKT is [...]

Published
2021

38. Top Business Owner Challenges in 2021: Taxes, Succession Planning and Employee Incentives

Subjects
Northern Trust Corp., Financial services industry -- Surveys, Succession planning (Business) -- Surveys, Family corporations -- Surveys, Business owners -- Surveys, Family-owned business enterprises -- Surveys, Employee incentives -- Surveys, Tax incentives -- Surveys, Financial services industry, Business, Business, international
Abstract

Survey findings and insights from The Northern Trust Institute underscore the need for effective governance among family business owners CHICAGO -- Northern Trust (Nasdaq: NTRS) announced today the results of [...]

Published
2021

39. Start-up capital and Chinese entrepreneurs: the role of family

Author

Au, Kevin and Kwan, Ho Kwong

Subjects
Family corporations -- Surveys, Entrepreneurship -- Surveys, Family-owned business enterprises -- Surveys, Business, general, Business, Surveys
Abstract

This paper examines the formation of the initial capital structure of Chinese start-up firms. Contrary to the predominant view of Chinese family business, this study found that family funding is [...]

Published
2009

40. Community social responsibility and its consequences for family business performance *

Author

Niehm, Linda S., Swinney, Jane, and Miller, Nancy J.

Subjects
Family corporations -- Research, Family corporations -- Social aspects, Family corporations -- Surveys, Family-owned business enterprises -- Research, Family-owned business enterprises -- Social aspects, Family-owned business enterprises -- Surveys, Social responsibility -- Research, Social responsibility -- Social aspects, Social responsibility -- Surveys, Company business management
Published
2008

42. Succession planning in SMEs: an empirical analysis

Author

Motwani, Jaideep, Levenburg, Nancy M., Schwarz, Thomas V., and Blankson, Charles

Subjects
Family corporations -- Surveys, Family-owned business enterprises -- Surveys, Succession planning (Business) -- Surveys, Business, Business, international
Abstract

A survey of succession planning strategies of 368 family-owned business entities, based on the firm size and annual earnings, is presented.

Published
2006

43. The relationship between family firms and corporate governance*

Author

Bartholomeusz, Simon and Tanewski, George A.

Subjects
Family corporations -- Analysis, Family corporations -- Surveys, Family corporations -- Forecasts and trends, Family-owned business enterprises -- Analysis, Family-owned business enterprises -- Surveys, Family-owned business enterprises -- Forecasts and trends, Market trend/market analysis
Published
2006

44. CEO tenure in Taiwanese family and nonfamily firms: an agency theory perspective

Author

Tsai, Wen-Hsien, Hung, Jung-Hua, Kuo, Yi-Chen, and Kuo, Lopin

Subjects
Business enterprises -- Surveys, Business enterprises -- Officials and employees, Agency theory -- Analysis, Family corporations -- Surveys, Family corporations -- Officials and employees, Family-owned business enterprises -- Surveys, Family-owned business enterprises -- Officials and employees, Chief executive officers -- Surveys, Chief executive officers -- Appointments, resignations and dismissals, Business, Business, general
Abstract

A study on turnover of chief executive officers (CEOs) in family and nonfamily owned businesses in Taiwan is presented. The study reveals that the rate of turnover of CEOs is much lower in family-owned businesses. Based on the study, applicability of agency theory in the case of nonfamily firms is inferred.

Published
2006

45. Data from Technical University in Zvolen Update Knowledge in Social Science (Barriers and specifics preventing the global development of Slovak family enterprises in wood-working and furniture industry)

Subjects
Family -- Surveys, Furniture industry -- Surveys, Woodworking industry -- Surveys, Family corporations -- Surveys, Family-owned business enterprises -- Surveys, Health, Science and technology
Abstract

2022 FEB 18 (NewsRx) -- By a News Reporter-Staff News Editor at Science Letter -- Research findings on social science are discussed in a new report. According to news reporting [...]

Published
2022

46. Taking The Long View - Lessons In Endurance From European Family Businesses

Subjects
Family corporations -- Surveys, Entrepreneurship -- Surveys, Free enterprise -- Surveys, Family-owned business enterprises -- Surveys, Business, international
Abstract

The Successful Transgenerational Entrepreneurship Practices (STEP) Project Global Consortium, European Family Businesses (EFB) and KPMG Private Enterprise came together to discover how family businesses around the world were responding to [...]

Published
2021

47. 2021 FEUSA Family Business Survey Highlights Estate Tax As The #1 Economic Public Policy Priority Issue For Family Businesses

Subjects
Tax law -- Surveys, Family corporations -- Surveys, Business -- Surveys, Family-owned business enterprises -- Surveys, Estate tax -- Surveys, Income tax -- Surveys, Tax law, Business, Business, international
Abstract

M2 PRESSWIRE-May 11, 2021-: 2021 FEUSA Family Business Survey Highlights Estate Tax As The #1 Economic Public Policy Priority Issue For Family Businesses (C)1994-2021 M2 COMMUNICATIONS RDATE:10052021 Family Enterprise USA, [...]

Published
2021

48. Family firms risk falling behind on sustainability - claim

Subjects
Sustainable development -- Surveys, Family corporations -- Surveys, Business -- Surveys, Climatic changes -- Surveys, Family-owned business enterprises -- Surveys, General interest, News, opinion and commentary
Abstract

Birmingham: Greater Birmingham Chambers of Commerce has issued the following news release: Family businesses risk falling behind other countries in their commitment to prioritising sustainability in their strategies, according to [...]

Published
2021

50. Environmental uncertainty and strategic behavior in Belgian family firms

Author

Gils, Anita Van, Voordeckers, Wim, and Heuvel, Jeroen Van Den

Subjects
Family corporations -- Surveys, Family-owned business enterprises -- Surveys, Business owners -- Surveys, Business, Business, international
Abstract

The results of the survey of family businesses in Belgium are presented to examine the competitiveness of the family businesses in Europe and the United States in a dynamic environment.

Published
2004

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