Succession in Family Businesses and its Impact on Business Strategy: Case Studies in the Corporate Sector of Medical Product Manufacturers<Br>Http://Dx.Doi.Org/10.5585/Riae.V9i3.1691
DOI:
https://doi.org/10.5585/ijsm.v9i3.1691Keywords:
Succession, Strategy, Family business.Abstract
In a highly competitive market, the demands for new market positioning, redefinition of objectives and innovative concepts of business management make increasingly prominent leading companies define their competitive strategies to ensure long-term survival. An occurrence in the life of a business that can affect the strategy in companies, particularly characterized as family-run businesses, is the succession process, and the consequences that may result from this process require adaptive management in times of change. Therefore, the purpose of this study is to clarify how the succession process occurs in small and medium-sized enterprises, characterized as family businesses. To this end, we studied three companies in the same sector of the economy, specifically, medical and dental product manufacturers within the industrial sector, using an exploratory method through case studies. Studies revealed coincident points in the three companies, the most striking being the occurrence of succession occurring by removal of the founder, whether for medical reasons or by death. We also address the issues concerning lack of a more elaborate planning for the succession process. The most significant changes were observed in the organizational structure of enterprises in the immediate aftermath of the founder’s succession, when businesses undertook a new dynamic.
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