Secrets of succession: how one family business reached the ninth generation

Secrets of succession: how one family business reached the ninth generation PurposeThe purpose of this paper is to provide insight into the specific structures and routines of family firms and to highlight their strengths and weaknesses using a case study.Design/methodology/approachThe case describes a French SME in the construction sector that is undergoing succession from the eighth to the ninth generation. Both generations have offered their viewpoints. The succession context allows us to better distinguish what makes a family firm uniquely resilient and what may easily turn into a weakness.FindingsThe case indicates that the trust that family owners have cultivated with employees allows the firm to operate less formally and with less rigid procedures. It also encourages employees to take initiatives and contributes to their greater engagement. On the other hand, it may expose the firm to more structured and well-organized competitors.Research limitations/implicationsThe limitations are those relative to the use of a single case.Practical implicationsSuccession is a delicate process that needs to be well prepared and executed without any haste. It involves retaining the firm’s strengths, such as the social capital that the family has patiently amassed. But it also represents an opportunity to review the firm’s practices and to introduce a good dose of innovation.Originality/valueThe case provides a vivid illustration of what makes family firms so distinctive. Theoretical concepts and empirical findings from the literature are put together in a single consistent picture. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Business Strategy Emerald Publishing

Secrets of succession: how one family business reached the ninth generation

Journal of Business Strategy, Volume 40 (5): 9 – Sep 3, 2019

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
0275-6668
DOI
10.1108/JBS-08-2018-0130
Publisher site
See Article on Publisher Site

Abstract

PurposeThe purpose of this paper is to provide insight into the specific structures and routines of family firms and to highlight their strengths and weaknesses using a case study.Design/methodology/approachThe case describes a French SME in the construction sector that is undergoing succession from the eighth to the ninth generation. Both generations have offered their viewpoints. The succession context allows us to better distinguish what makes a family firm uniquely resilient and what may easily turn into a weakness.FindingsThe case indicates that the trust that family owners have cultivated with employees allows the firm to operate less formally and with less rigid procedures. It also encourages employees to take initiatives and contributes to their greater engagement. On the other hand, it may expose the firm to more structured and well-organized competitors.Research limitations/implicationsThe limitations are those relative to the use of a single case.Practical implicationsSuccession is a delicate process that needs to be well prepared and executed without any haste. It involves retaining the firm’s strengths, such as the social capital that the family has patiently amassed. But it also represents an opportunity to review the firm’s practices and to introduce a good dose of innovation.Originality/valueThe case provides a vivid illustration of what makes family firms so distinctive. Theoretical concepts and empirical findings from the literature are put together in a single consistent picture.

Journal

Journal of Business StrategyEmerald Publishing

Published: Sep 3, 2019

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