The Role of Resources and Capabilities
- The Successful Transgenerational Entrepreneurship Practices series
Edited by Pramodita Sharma, Philipp Sieger, Robert S. Nason, Ana Cristina Gonzalez L. and Kavil Ramachandran
Chapter 6: The role of social capital in succession from controlling owners to sibling teams
Returning from dinner with his younger son on a spring day, Martin Tremblay could not stop thinking about his dilemma. Until a few days earlier, he had thought he had devised a good succession plan that would allow his family business to continue to grow after his departure. One of his sons would be in charge of the family business, while the other would back him up. It would be like when he started his company, Tremblay Services Financiers Inc., back in 1976 with his long-time friend, Guy Dupont, as an equal partner. Martin was responsible for the company’s strategic decisions and Guy took care of the day-to-day management. Drawing upon his own first-hand experience as a business founder, Martin was considering transferring the company to his younger son, who had already expressed his willingness and commitment to playing the role of family firm leader. However, Martin soon learned that the implications of his succession plan transcended the frontiers of business into the realm of family life. In the space of one day, he made a complete reversal of his decision and decided to transfer the company to his older son, who had worked in the company longer than his younger son, and who was well-known and respected by the business community.
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