The impact of life-stage-fit between the incumbent and the successor in effective intergeneration successions : three case studies
Fitzgerald, P., Blunden, R. G. & Chamard, J. (2009). The impact of life-stage-fit between the incumbent and the successor in effective intergeneration successions : three case studies. Electronic Journal of Family Business Studies (EJFBS), Vol. 3 (2). Retrieved from https://www.jyu.fi/jsbe/en/entrepreneurship/ejfbs
Published inElectronic Journal of Family Business Studies
This paper suggests that the success of intergenerational successions in family busi-nesses often depends on the life stages of the generations involved. The premise may be so evident that it is easy to overlook its importance in determining what contributes to successful transitions. Readiness of the senior generation to pass the baton of re-sponsibility and leadership for the family business is influenced by a number of fac-tors including age, health, other interests, the desire to retire or move on, and the availability of a suitable successor. The willingness of successors to accept the baton is similarly influenced by their interest in running the family business, experience, age and other factors. Of course the willing successor requires a senior generation willing to let go. The paper presents three case studies. They focus on successful fits between the life-stages of the incumbent and the successor. In each situation age plays a major role but there are also other variables impacting the successful transfer. The cases are meant to raise awareness that even with differences in cultures, industries, financial conditions, life cycle of the industry in which the firm is participating, how success is measured, as well as other factors life stage is an important variable in successful int-ergeneration successions. ...
PublisherJyväskylä University School of Business and Economics