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Succession and Survival Plan for Family Business: Lessons Learnt From Houshi Ryokan's Family Business
Abstract
This chapter explores the crucial aspect of succession planning and survival strategies for family businesses, drawing inspiration from the remarkable story of Houshi Ryokan, a traditional Japanese inn with a history spanning over a millennium. The chapter delves into the challenges faced by family-owned enterprises when transitioning leadership to the next generation and offers valuable insights into effective succession planning models. Finally, the chapter draws insightful lessons from Houshi Ryokan's family business journey, distilling key success factors and actionable strategies that can be applied by other family businesses seeking longevity and prosperity. By examining the exemplary case of Houshi Ryokan, this chapter provides invaluable insights for family business owners, managers, and advisors, offering practical guidance on navigating the complexities of succession planning and developing robust survival strategies to safeguard the legacy and prosperity of their enterprises.
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