<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>The process of succession is influenced not just by market values, but also by familial bonds. During this case's investigation, it was discovered that sibling rivalry appears to be the source of interpersonal conflict, which is the outcome of a lack of communication over time. It would eventually have an impact on the efficiency of company succession procedures. Successor preparation entails more than just gaining information, insight, and talent. If successors are to have the legitimacy required to run a company, they must gain credibility with both internal and external stakeholders. To have a successful succession, one must first grasp the various traits that are required. This study is based on a single case analysis, primary data being collected through interviews with the family members and correlated with secondary data sources. It further analyses the direct and indirect influences of the critical success factors on the succession process out of which recommendations and an implementation plan emerge. Taking into account both internal and external factors affecting the succession process in a family business, it is suggested that, to be successful, they must recognize this challenge and address it by implementing governance structures that establish clear procedures to consider when family and business conflicts and misunderstandings arise. Such institutions must be in place before the situations they govern occur.</p>
</abstract>

The process of succession is influenced not just by market values, but also by familial bonds. During this case's investigation, it was discovered that sibling rivalry appears to be the source of interpersonal conflict, which is the outcome of a lack of communication over time. It would eventually have an impact on the efficiency of company succession procedures. Successor preparation entails more than just gaining information, insight, and talent. If successors are to have the legitimacy required to run a company, they must gain credibility with both internal and external stakeholders. To have a successful succession, one must first grasp the various traits that are required. This study is based on a single case analysis, primary data being collected through interviews with the family members and correlated with secondary data sources. It further analyses the direct and indirect influences of the critical success factors on the succession process out of which recommendations and an implementation plan emerge. Taking into account both internal and external factors affecting the succession process in a family business, it is suggested that, to be successful, they must recognize this challenge and address it by implementing governance structures that establish clear procedures to consider when family and business conflicts and misunderstandings arise. Such institutions must be in place before the situations they govern occur.

Dimensions of Successful Succession. The Case of Turago Star

National University of Political Studies and Public Administration

Management Dynamics in the Knowledge Economy

This is an open-access article licensed under the Creative Commons Attribution-NonCommercial-NoDerivs License

{"article-title":"Dimensions of Successful Succession. The Case of Turago Star"}

The process of succession is influenced not just by market values, but also by familial bonds. During this case's investigation, it was discovered that sibling...

Dimensions of Successful Succession. The Case of Turago Star

Published Online: Dec 30, 2021

Page range: 476 - 488

Received: Oct 22, 2021

Accepted: Dec 21, 2021

DOI: https://doi.org/10.2478/mdke-2021-0032

Keywords
Family business, Succession, Strategic challenges, Conflicts, Family governance

© 2021 Ioannis Chrysikos, published by Sciendo

This is an open-access article licensed under the Creative Commons Attribution-NonCommercial-NoDerivs License

Dimensions of Successful Succession. The Case of Turago Star

Published Online: Dec 30, 2021

Page range: 476 - 488

Received: Oct 22, 2021

Accepted: Dec 21, 2021

DOI: https://doi.org/10.2478/mdke-2021-0032

KeywordsFamily business, Succession, Strategic challenges, Conflicts, Family governance

© 2021 Ioannis Chrysikos, published by Sciendo

This is an open-access article licensed under the Creative Commons Attribution-NonCommercial-NoDerivs License

Keywords
Family business, Succession, Strategic challenges, Conflicts, Family governance