Family Business Succession: Emphasis on the Family Not the Business

Abstract

This paper advocates a Family Strategic Plan for Family Business Succession (FFBS) model dealing with satisfaction and effectiveness of a family firm's succession process and its overriding importance compared to the traditional Business Strategic Plan of Family Business succession concept (BFBS) which only emphasizes tax and legal issues, can help family firms resolve some critical succession issues in a timely and efficient manner so that their family firm may flourish for generations to come. The goal of this paper is to advocate a "family strategic succession plan model," and emphasize family solutions instead of merely business solutions to the family business succession in the form of a road map to follow to help family firms get through very time consuming and trying obstacles.