Leadership Development Strategy for Successors in Family Businesses

Abstract

Family businesses play a significant role in the global economy but they face unique challenges, particularly when it comes to leadership succession. Ensuring a smooth transition from one generation to the next is critical for the sustainability and growth of these enterprises. This research seeks to address the unique challenges and opportunities faced by family business successors and design a comprehensive leadership development program to groom them for leadership roles within their family firms. The research explores the possibilities of succession planning, the development of leadership competencies, and the delicate balance between tradition and innovation in family businesses. It then leverages these insights in combination with qualitative research to design a tailored leadership development strategy. Moreover, It aims to provide actionable recommendations not only to family business owners but also to future researchers seeking to navigate the challenging landscape of leadership development in family enterprises. This thesis aspires to offer invaluable insights into creating effective leadership pathways for successors in family businesses, thereby making the long-term sustainability and prosperity of these essential economic pillars stronger. It represents a significant contribution to the field, enriching our understanding of family business management, succession planning, and leadership development.