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L’dor V’dor: Generation to Generation

Succession Planning In Family Businesses: Owners’ Practices and Perceptions

Succession planning was a vital process for family-owned businesses and was used to describe a wide variety of activities, including identifying talent and skill gap analysis. One of the outcomes of this book is to explore practices that CEOs or owners in FOBs used in their succession planning transition. Through the lens of organizational health, employee engagement, and succession planning transition, I was able to better understand the CEO or owner’s perception that impacted the outcome of these three conceptual frameworks. Upon completion of this qualitative study, it was evident that the perceptions of the 15 CEOs or owners of the FOBs drove the data that provided the emerging themes. The emerging themes were utilized to compare past research and helped develop future practices to identify the preparedness levels of CEOs or owners as they completed a succession transition. In addition to developing practices that identified the levels of preparedness for CEOs or owners, I developed an audit to serve this purpose. Succession planning in family-owned businesses was a topic of importance; although generations were transitioning their businesses, their legacy was what remained constant. In developing their succession planning transition, CEOs or owners needed to be respectful of their past, be mindful of the present, and be prepared for the future.