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Strategies for Sustainable Succession Planning in Family Business

Strategies for Sustainable Succession Planning in Family Business
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Author(s): Lucy Tan-Atichat (IIS, Ramkhamhaeng University, Thailand) and Joseph F. Aiyeku (Salem State University, USA)
Copyright: 2013
Pages: 13
Source title: Enterprise Development in SMEs and Entrepreneurial Firms: Dynamic Processes
Source Author(s)/Editor(s): Nelson Oly Ndubisi (Griffith University, Australia) and Sonny Nwankwo (University of East London, UK)
DOI: 10.4018/978-1-4666-2952-3.ch008

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Abstract

This study investigates the extent of influence of succession planning on Thai FOBs focusing on SMEs, and the attributes/characteristics of the successors to achieve a successful family business. SMEs were identified using Thai government classifications. A total of 449 usable questionnaires were obtained from Thai FOB owners/managers in Bangkok and vicinity. Most of the firms surveyed were small FOBs. The results show that there is a higher degree of success between FOBs that have succession plan and those that do not. The results also revealed five new factors concerning Thai family-owned businesses (SMEs) succession planning. The five factors are shown in this chapter.

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