Preparation in Family Business Succession for Female Heirs
Keywords:
Family Business Succession, Female Heirs, Preparation, Business PlanningAbstract
This research aims to study the planning and preparation for family business succession for female heirs. This study employs in-depth interviews with business transferors and female heirs in family businesses to gather information on experiences, preparations, and challenges encountered in the succession process. Family businesses are vital in driving the economy, and the succession from one generation to the next involves complexities and challenges.
The findings reveal that the preparation for female heirs begins with their exposure and familiarity with the business from a young age, involving small assignments and sharing the business's history with the heirs. Support and teaching of essential business skills are crucial. Transferors should create an environment conducive to learning and experimentation and provide opportunities for heirs to meet with partners and stakeholders to build networks and business understanding. When it comes time to transfer leadership, transferors should gradually reduce their roles and increase the decision-making authority of the heirs, providing advice as consultants to help the heirs confidently face challenges.
This research highlights effective planning and preparation strategies for family business succession, emphasizing support, open communication, and giving heirs decision-making roles. Such preparation ensures a stable and sustainable family business succession.
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