- Elgar original reference
Edited by Panikklos Zata Poutziouris, Kosmas X. Smyrnios and Sabine B. Klein
Chapter 21: Towards a Business Family Dynasty: A Lifelong, Continuing Process
22 Using the strategic planning process as a next-generation training tool in family business Pietro Mazzola, Gaia Marchisio and Joseph H. Astrachan Introduction The extant family business literature on the topic of generational succession has enabled researchers and practitioners to disseminate best practices to the family business community. There is consensus, for example, that generational transfer is an ongoing process and not a single event. As a part of this process, power, by way of management, ownership and control, is handed over from one generation to the next. There is also agreement that this process occurs in stages, and that critical moments can be identiﬁed, and that both can inﬂuence the behaviour of a variety of stakeholders. In this research, we focus our attention on the next-generation family members who have entered the family company. These future leaders have overcome the decision stage, completed relevant studies and have ideally gained work experience outside the family company before taking up their, usually middle-management, positions. Therefore, the present chapter attempts to assist families in business overcome the strains of succession. For the most part, literature on succession, concentrates on the stages that precede entry into the company and, in particular, on the conditions that inﬂuence the decisions of the younger generation regarding the most appropriate choices of university and work experience. What happens to the young members after they enter the company remains an area to be studied in greater depth. To address that gap, we focus on the...
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