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Family Business Sustainability and Growth FAME Family Business Sustainability and Growth Module 4 Transition Issues Romana PASZKOWSKA Cracow UniversityBrian JON of Economics,ES, PhD Poland Leeds Beckett University, United Kingdom Jan BrzozowskiDavid DEVINS and Hanny Kelm LeedsNicholas Beckett University, CHANDLE UnitedR, KingdomPhD BudaCracowpest BUniversityusiness Sch ofo Economicsol, Hungary Andrea MADARASI-SZIRMAI Sára Csillag, Péter Csizmadia,BudapestJános BusinessP Annaál NÉ METH,School,Laura Hungary Hidegh PhD and Ágnes Szászvári Budapest Business School Budapest KrisztinaBusines NÉMETHs School, Hungary Budapest Business School, Hungary Marek NickSZA RBeechUCKI, PhD Cracow DobrosławaLeedsUnive rBeckettsity WIKTOR-MACH of E Universityconomics, Poland Cracow University of Economics, Poland Jan BRZOZOWSKI, PhD Cracow University of Economics, Poland Kraków,Kraków, 20182018 Leeds, 2017 ERASMUS+ KA2 Strategic Partnership 2016-1-HU01-KA203-022930 FAME-Family Business Sustainability and Growth This project has been funded with support from the European Commission. The European Commission support for the production of this publication does not constitute endorsement of the contents which reflects the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein. Content Introduction ................................................................................................................................................. 5 Module Objectives ............................................................................................................................. 8 SECTION I: MANAGERIAL ASPECTS OF TRANSITION .................................................................. 10 Unit 1: From Birth to Transition ........................................................................................................... 10 1.1. Introduction .............................................................................................................................. 10 1.2. Business growth models ....................................................................................................... 10 1.3. The five stage growth model – Churchill and Lewis ..................................................... 11 1.4. Growth models and family businesses ............................................................................. 14 1.5. The further evolution of growth models ......................................................................... 18 1.6. Transition ................................................................................................................................... 19 1.7. Conclusions .............................................................................................................................. 20 1.8. Reflective questions ............................................................................................................... 20 Unit 2: Planning for Succession ........................................................................................................... 21 2.1. Introduction .............................................................................................................................. 21 2.2. Context ....................................................................................................................................... 21 2.3. Why are family businesses reluctant to plan for succession? ................................... 21 2.4. Planning for succession ....................................................................................................... 23 2.5. Succession as a process ....................................................................................................... 26 2.6. Succession as a plan ............................................................................................................. 27 2.7. Conclusions .............................................................................................................................. 30 2.8. Reflective Questions .............................................................................................................. 30 Unit 3: Unplanned Succession ............................................................................................................. 31 3.1. Introduction .............................................................................................................................. 31 3.2. Context ....................................................................................................................................... 31 3.3. Why are the results of the family business focused research so rankling in connection with the succession planning ................................................................................ 32 3.4. What are the main reasons of the unplanned succession? ...................................... 32 3.5. Upshots of unplanned succession and its potential effects ..................................... 36 3.6. Conclusions .............................................................................................................................. 44 3.7. Reflective questions ............................................................................................................... 44 3.8. Additional Readings .............................................................................................................. 44 2 Unit 4. Importance of Education to Knowledge Transfer .......................................................... 45 4.1. Introduction ............................................................................................................................. 45 4.2. Conclusions .............................................................................................................................. 49 4.3. Reflective questions ............................................................................................................... 49 Unit 5: External Support: Consultant, Mentor, Coach ................................................................. 53 5.1. Introduction ............................................................................................................................. 53 5.2. Consultant ................................................................................................................................ 53 5.3. Coach ......................................................................................................................................... 54 5.4. Mentor ....................................................................................................................................... 57 5.5. Conclusions .............................................................................................................................. 63 5.6. Reflective questions ............................................................................................................... 64 5.7. Additional Readings .............................................................................................................. 64 SECTION II: PSYCHOLOGICAL ASPECTS OF TRANSITION ........................................................ 66 Unit 6: Working in Family Context during the Transition Period.............................................. 66 6.1. Introduction ............................................................................................................................. 66 6.2. Family business actors during transition process ........................................................ 66 6.3. Trust as basis for family cohesion and socio-emotional wealth ............................... 71 6.4. Women in family businesses during transition ............................................................. 73 6.5. Marriage and introduction of new family members ................................................... 76 6.6. Communication in family business during transition ................................................. 78 6.7. Conclusions .............................................................................................................................. 83 6.8. Reflective questions ............................................................................................................... 83 6.9. Additional reading………………………………………………………………………………………………99 Unit 7: Major Threats to Orderly Transition Process ................................................................... 84 7.1. Introduction ............................................................................................................................. 84 7.2. Resistance ................................................................................................................................. 85 7.3. Paternalism that maintains control ................................................................................... 87 7.4. Other psychological factors that impede the transition of family business. ....... 89 7.5. Family crisis – divorce, illness of the principal, bereavement ................................. 96 7.6. Conclusion .............................................................................................................................. 987 7.7. Reflective questions ............................................................................................................... 98 7.8. Additional Readings……………………………………………………………………….…………………..117 Unit 8. Conflict Management During the Family Business
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