Abstract
Succession planning creates the opportunity for a family-owned business to continue for future generations. Second-generation children fail to sustain the business 35% of the time because of a lack of succession planning. Succession planning is unique for small business owners owing to the element of family dynamics and the possibilities of there being no family or no family members interested in owning the business. This chapter will explore the options for a family-owned business for succession planning, exploring and handling family dynamics, and whether to consider an internal or external candidate along with recommended ideas for training successors.
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Kjellander, D.M. (2018). Succession Planning in the Small Business: The Good and the Bad. In: Gordon, P., Overbey, J. (eds) Succession Planning. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-72532-1_6
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DOI: https://doi.org/10.1007/978-3-319-72532-1_6
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