Impact of natural disasters on New Zealand regional family businesses: perspectives of baby boomer family business owners

Julia Yonghua Wu

Journal of Enterprising Communities: People and Places in the Global Economy, 2020, vol. 16, issue 2, 218-237

Abstract: Purpose - This paper aims to describe what baby boomer family business owners in New Zealand perceive the implications of earthquakes on their business and succession planning. The current study focuses on how some businesses have survived significant uncontrollable contingencies, for instance, natural disasters. This paper also documents the insight of what baby boomer family business owners value in their succession planning. Design/methodology/approach - Qualitative method was undertaken, comprising face-to-face in-depth interviews with 18 participants, who are baby boomers family business owners in New Zealand. Findings - Driven by the unique social and political conditions in New Zealand, baby boomer family business owner’s revealed unique mind-sets and motivations that are oriented in their family value and/or the sense of self-fulfillment. As a result, they are able to adapt to uncertainties and reflect on their adaptability. Although approaching their retirement age and survived earthquakes, most interviewees neither have any urgency to establish or execute succession plans nor are they prepared for contingencies. A profitable trade sale has been identified as a preferred exit strategy. Research limitations/implications - The current study is aimed to fill in the gap of exploring how some baby boomers’ family businesses in New Zealand survived deadly earthquakes and how they approach their own succession planning. Practical implications - It is hoped that this research will contribute to the well-being of family businesses and be of value to practitioners who provide professional advises for family firms and those who aspire to a career in family businesses. This paper also aims to shed light on the implication of aging population and government policies on family businesses. The findings are, therefore, useful for academics, professional consultants, advisors and regulators. Originality/value - However, natural disasters, social unrest and many uncontrollable events disrupt business operations and can be viewed as uncontrollable contingencies. Ageing population and generation-based similarities are also common to many countries and communities. Nonetheless, the interdisciplinary research on ageing population is scant in the context of financial planning, management accounting or taxation at the firm level. This paper also calls for more in-depth exploration on the implications of demographical factors on the organisations and their success or demise.

Keywords: Family business; Succession; Resilience; Baby boomers (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jecpps:jec-10-2019-0111

DOI: 10.1108/JEC-10-2019-0111

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