Successor in family Article Example | Topics and Well Written Essays - 9250 words

Successor in family - Article Example This could be answered using an empirical research designed to involve business owner-managers and successors from some Chinese family businesses. These respondents could then be asked to help return usable questionnaires. The perceived success of the succession process is measured by two underlying dimensions: The empirical results will indicate whether the successor-related factors that influence satisfaction with the process are, on the one hand, the willingness of the successor to take over, and the relationship between the owner-manager and successor, on the other hand. The study should also be able to elucidate whether the continued profitability of the business is influenced by the willingness of the successor to take over the business, the preparation level of the successor, and the relationship between the successor and owner-manager. The relationship between the owner-manager and successor is influenced by the extent to which interpersonal relationships in the family can be described as harmonious. Based on these findings recommendations for successful succession are offered. When man began to venture into trade and commerce, little did it strike him that business was a means of being together and a factor that contributed to happiness and growth. Gradually members of a family would get together and share responsibilities to ease the workload on a single person. The most influential person of the family would normally be the business head. Family businesses are among the most important contributors to wealth and employment in virtually every country in the world, and this was no exception with the Chinese (IFERA, 2003; Sharma, 1997; Tan & Fock, 2001; Ward, 2004). So influential is family business, that many countries now have more and more family businesses contributing to the national economy through tax payments. What does one mean by the term family business' Following Chua, Sharma, and Chrisman (1996), family business is the business governed and/or managed on a sustainable, and potentially cross-generational, basis that shapes and perhaps pursues the formal or implicit vision of the business held by members of the same family or a small number of