The owner needs to trust other family members' involvement in the long-term plan for the business, and nurture a healthy outlook and plan for their own retirement. In the United States alone there are an estimated 10.8 million family businesses. Only 30% of businesses stay in the family from the first to the second generation.
Beyond business-related decisions, such as managing organizational change, there are human factors at play in the transfer of ownership to an adult heir or family member. This research finds that the family business, in many cases, takes on its own personality, and can be seen almost to be a member of the family.
Ten active family business owners were asked to share their life stories in an effort to explore what constrains successful succession. The interviews were used to allow participants to tell the story of their business, thinking about pivotal chapters in its evolution. Researcher Dr. Alexandra Solomon, co-investigator with an eight member team, "Narratives are critical to understanding the 'letting go' process because they reveal the owners' dreams, challenges, and how they handle both such that they ultimately can or cannot let go. As difficult as it may be to invite especially male family business owners to talk about 'tender stuff,' family therapists and family business consultants need to be willing to explore how and where the business 'lives' within the owner in order to free him up to pass the business along to the next generation."
Family dynamics and unresolved emotional concerns can impact family business succession. Internal influences, such as trust and worldview, and interpersonal influences, such as co-worker relationships, gender roles, and marital quality, are powerful factors that can facilitate or constrain family business succession. When family therapists are working with an individual, couple, or family, and there is a family business at stake, family therapists are advised to explore the possible influence of the family business regardless of the nature of the presenting problem.
Solomon, "We want family business consultants to be aware of these findings because they speak to the importance of looking at succession problems through a systemic lens so that they can hypothesize about the facilitating or constraining impact of these key internal and interpersonal influences."
Jennifer Beal | EurekAlert!
Study relating to materials testing Detecting damages in non-magnetic steel through magnetism
23.07.2018 | Technische Universität Kaiserslautern
Innovative genetic tests for children with developmental disorders and epilepsy
11.07.2018 | Christian-Albrechts-Universität zu Kiel
New design tool automatically creates nanostructure 3D-print templates for user-given colors
Scientists present work at prestigious SIGGRAPH conference
Most of the objects we see are colored by pigments, but using pigments has disadvantages: such colors can fade, industrial pigments are often toxic, and...
Scientists at the University of California, Los Angeles present new research on a curious cosmic phenomenon known as "whistlers" -- very low frequency packets...
Scientists develop first tool to use machine learning methods to compute flow around interactively designable 3D objects. Tool will be presented at this year’s prestigious SIGGRAPH conference.
When engineers or designers want to test the aerodynamic properties of the newly designed shape of a car, airplane, or other object, they would normally model...
Researchers from TU Graz and their industry partners have unveiled a world first: the prototype of a robot-controlled, high-speed combined charging system (CCS) for electric vehicles that enables series charging of cars in various parking positions.
Global demand for electric vehicles is forecast to rise sharply: by 2025, the number of new vehicle registrations is expected to reach 25 million per year....
Proteins must be folded correctly to fulfill their molecular functions in cells. Molecular assistants called chaperones help proteins exploit their inbuilt folding potential and reach the correct three-dimensional structure. Researchers at the Max Planck Institute of Biochemistry (MPIB) have demonstrated that actin, the most abundant protein in higher developed cells, does not have the inbuilt potential to fold and instead requires special assistance to fold into its active state. The chaperone TRiC uses a previously undescribed mechanism to perform actin folding. The study was recently published in the journal Cell.
Actin is the most abundant protein in highly developed cells and has diverse functions in processes like cell stabilization, cell division and muscle...
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