Attributions for Family Business Failure: The Heir's Perspective

Autor: Karen Maru File, Russ Alan Prince
Rok vydání: 1996
Předmět:
Zdroj: Family Business Review. 9:171-184
ISSN: 1741-6248
0894-4865
Popis: Family business studies have focused on succession because of the incidence of family business failure and the importance of family businesses within the US economy. This study furthers the understanding of family business failure by making the distinction between succession planning (the management task of transitioning leadership) and estate planning (the task of transitioning financial assets and managing federal estate tax obligations) and using this distinction to better understand family business discontinuance. This study of 749 heirs of failed family businesses demonstrates that inadequate estate planning is more often associated with family business failure than is poor succession planning. A major focus of family business studies has been the effect of succession planning on family business continuity; and specifically on the association between inadequate succession planning and family business failure. This focus is appropriate given the incidence of family business failure and the importance of family businesses within the US economy. Much of the literature suggests that the incidence of failure can be reduced with improved management of the leadership transition from one generation to the next—the process in the life of the business and the family customarily referred to as succession. However, estate planning may be as important as, if not more important than, succession planning for the family business. This study provides an expanded perspective on the question.
Databáze: OpenAIRE
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