Research Note: Succession Management in Family Firms in Northeast England
- 1 March 1996
- journal article
- Published by SAGE Publications in Family Business Review
- Vol. 9 (1) , 75-85
- https://doi.org/10.1111/j.1741-6248.1996.00075.x
Abstract
Much emphasis is placed on family firms' need to plan well in advance for succession and to adopt such formal procedures as advisory councils and written succession plans. A study of 35 family firms in the North East of England suggests that few firms neither believe in the efficacy of such plans nor plan the succession process beyond five years. Since these companies have an average age of 60 years and are being run chiefly by CEOs from the second or subsequent generations of family membership, perhaps a formal management of the succession process is not as critical to business success as some have suggested.Keywords
This publication has 3 references indexed in Scilit:
- A Neglected Factor Explaining Family Business Success: Human Resource PracticesFamily Business Review, 1994
- Second‐Generation Entrepreneurs: Passing the Baton in the Privately Held CompanyManagement Decision, 1991
- The Succession ConspiracyFamily Business Review, 1988