Year: 2024
Type: article
Abstract: The purpose of the study was to identify the succession management processes in family businesses, with a particular focus on the development and implementation of optimization approaches that contribute to the long-term stability and competitiveness of the enterprise. The research focused on identifying key challenges that arise during the intergenerational transfer of management functions, including an analysis of internal and external factors that influence this process. A major part of the work was studying the role of family values and corporate culture, which are fundamental elements of the succession strategy. Particular attention was paid to how these elements can be preserved and passed on to successors, which is critical to preserving the enterprise's identity. The research methodology was based on a comprehensive analysis of the management succession process in a family business, including several key stages. The first stage involved an assessment of corporate culture, management practices, and financial aspects to ensure business stability during the transfer of management functions. The second stage involved a financial analysis of instruments to support the stability of the enterprise and the development of recommendations for financial risk management. The next step was a comparative analysis of real-life cases to identify successful succession practices, which allowed to creation of a comprehensive picture of the succession management process. Based on the study, key approaches were identified, and practical recommendations were developed that can significantly contribute to the successful transfer of management in family businesses. In particular, the importance of strategic succession planning, which includes the early involvement of successors in the management process, the creation of detailed plans for their development, and the implementation of support systems for new leaders, was emphasized. The recommendations are designed to ensure a smooth and efficient transition of management functions, allowing family businesses to maintain stability and prosperity in the face of generational change
Author: Konrad Brodaczewski
Language: English
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4406772675