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" Issues in Family Business Succession and First Generation Management Strategies: "
Ahmed, Baseer
Saleem, Muhammad Arif
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Latin Dissertation
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| Language of Document
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English
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| Record Number
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1107859
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| Doc. No
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TLpq2458088378
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| Main Entry
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Saleem, Muhammad Arif
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Ahmed, Baseer
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| Title & Author
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Issues in Family Business Succession and First Generation Management Strategies:\ Ahmed, Baseer Saleem, Muhammad Arif
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| College
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International Islamic University Islamabad
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| Date
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2019
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| student score
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2019
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| Degree
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M.S.
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| Page No
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192
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| Abstract
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This study aimed to explore the issues in family business succession and how the family business owners make strategies to resolve those issues. Family owned businesses strive to not only be successful as measured by profit, market position, and other determinants used to gauge businesses success, but also they strive in the continuity of transitioning management and ownership from one generation to the next. When a family business goes from the first to second generation, only 30 percent of those businesses are successful within the transfer. The purpose of this qualitative exploratory multiple case study is to explore the perceptions of second-generation business owners of their preparedness to take over management of the family business and what has helped them lead the family business successfully. The cases are the businesses, and the unit of analysis is the first-generation business owners who have given control of the family business in Gujrat, Gujranwala and Sialkot. A qualitative case study approach was followed using data collected from 11 first-generation family business owners. This research addresses a gap in the literature where no research exists that specifically focuses on first generation experiences and management of the family business from Pakistan. The business owners who participated in this study think that the most important factors for their perception of their preparedness to given over the management of the family business included such as the self-motivation, the inheritance, family legacy to continue, eager to do something, to be self-made, that is more than a non-economic benefit that were associated with the establishment of the business and further continuation. Some of the issues that were found to be consistent through the cases i.e. the willingness and interest issue of the successors, the founder/owner control over family, the family counsel, the education and the learning factor were the consistent over the family businesses. However, nothing can be achieved without hurdles i.e. the problem of power delegation, the financial controls, the decision making and authority, the undocumented matters between the partners and overall the environment factors that were challenging to the family businesses. Eventually the family business will have handed over to next generations either by the willingness or either by inheritance, it will happen after all but how the things will work and carry on is all depends on the family business owners and the associated environment in the family business operated.
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| Subject
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Business education
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Management
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Marketing
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