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Because family enterprises in emerging economies have relative short histories, succession is a key issue determining their long term development. This chapter summarizes models of family enterprises in mature economies, including continental European countries and Japan, to provide lessons for long term development. These models have different characteristics and merits: the Danish model of industrial foundations emphasizes institutionalization and balances between professional management and family control, the Italian model prioritizes culture and long term relationship. On the other hand, the Japanese model combines the culture of community firms and unique system of adult adoption. While there is no single best model, family enterprises can learn from the development of business cultures in these mature economies for sustainable development after rapid growth. |
