Some FOB leaders lack effective strategies to successfully transition a family-owned business (FOB) from one generation to another. Seventy percent of family-owned businesses (FOB) fail to transition from the first generation to the second generation. Guided by the theory of planned behavior as the conceptual framework, the purpose of this qualitative multiple case study was to explore the business strategies that three FOB leaders used to achieve a successful transition of a FOB from one generation to another. This study included three FOB leaders in Ghana who successfully sustained their business operations after leadership succession. Data were collected through semistructured face-to-face interviews and member checking. Methodological triangulation of data sources such as interview transcripts, notes, and reviews of publicly available data from their Internet websites and member checking augmented the findings credibility and trustworthiness. Data analysis included word frequency analysis, coding of related phrases, and generation of themes. The data analysis results revealed three themes: successor selection between interest and commitment, family values and organization’s culture, and transferring knowledge and experience. A key recommendation is for FOB leaders to prudently implement successor selection strategies in choosing the person who displayed the highest interest, commitment, and qualifications to become the new leaders of the FOB. The potential positive social change implications include stable employment opportunities, a better standard of living for employees and their families, and more investments in communities by FOB leaders.
|Commitee:||Truitt, Tim, Blando, Judith|
|School Location:||United States -- Minnesota|
|Source:||DAI-A 82/8(E), Dissertation Abstracts International|
|Subjects:||Management, Business administration, Behavioral Sciences|
|Keywords:||Business continuity, Family business, Knowledge and expertise, Leadership succession, Strategic planning, Successor selection|
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