Generational Succession and Problems in Family-Owned Business

Authors

  • Anupam Patil Sharnbasva University
  • Dr. Vanishree C T

Abstract

Family-owned businesses are pivotal in India's economy, contributing 79% to GDP and playing a vital role across sectors. Despite historical and modern challenges—from British colonialism to post-liberalization dynamics—they thrive due to agile decision-making and strong family ties. Challenges like succession planning, cultural shifts, and resistance to change among successors underscore their complexities. Successful navigation requires strategic adaptation, innovation, and formalized governance. These businesses serve as models for entrepreneurial growth and significant contributors to employment. Ensuring continuity demands adept succession planning and skill development amidst familial and operational complexities, crucial for sustaining their economic impact and legacy in India.

Keywords: Family Owned Business, Second Generation Entrepreneur, Entrepreneur, Business

Downloads

Published

2024-07-29

How to Cite

Anupam Patil, & C T, V. (2024). Generational Succession and Problems in Family-Owned Business. Journal of Science and Technology, Management and Humanities, 1(1), 38–41. Retrieved from https://journals.sharnbasvauniversity.org/index.php/stmh/article/view/53

Issue

Vol. 1 No. 1 (2024)

Section

Articles