family business succesion

Introduction

            The issue of family business succession planning is becoming of big concern. The issue is so critical in that the manner in which the succession process is managed affects not only the business itself but also the whole business community. No matter how successful a family business is today, the big challenge is to maintain that business profitable over generations. So many family business close down over time as result of family conflicts, fights about money, lack of capital and lack of consistence in business succession.

Succession is not static event, or process that starts when offspring are involved in the business; it is a long term practice initiated early in the offspring’s lives (Shin pp 3). Many researches have tried to explore the effects of government policy on the succession endeavor. The level of government influence on family business succession differs from country to country with some countries being more inclined to favor the business succession by family members

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