Enhancing Next Generation Preparation in Family Firms

For those business families who own a family business and wish to successfully maintain their family ownership in the long term, it is important to better understand how to involve, motivate and prepare younger family members to be part of the family business. Despite a substantial body of academic and practitioner research that focuses on succession, previous work falls short in offering actionable findings for business families regarding how to design an effective preparation process for their next generation. Thus, continuing a tradition of WIFU projects addressing the factors that contribute to the continuity and success of family businesses, we created this research project to explore what business families do to attract and prepare next generation family members.