Case Studies on Succession Planning in Family Business
Keywords:
Succession Planning, Successor, Family BusinessAbstract
Family businesses provide self-employment and are a viable solution for unemployment issues in a country whether developed or is developing. However only a very few family businesses are able to with stand the pressure and challenges during and after the transfer of the business to the next generation. Hence systematic succession planning is imperative for sustainable success of a family business. The study has focused on identifying barriers and supporting factors that affect succession planning of family businesses by presenting three case studies of three family businesses in Sri Lanka. These businesses have been in the business for at least two generations. Two of the cases represent successful transfer while one represents an unsuccessful transfer. Finding of the study has been used to develop a set of guidelines supporting successful succession planning in family businesses.
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