EconPapers    
Economics at your fingertips  
 

Dimensions of Successful Succession. The case of Turago Star

Adrian Motoc ()
Additional contact information
Adrian Motoc: National University of Political Studies and Public Administration

Management Dynamics in the Knowledge Economy, 2021, vol. 9, issue 4, 476-488

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.

Keywords: Family business; Succession; Strategic challenges; Conflicts; Family governance. (search for similar items in EconPapers)
Date: 2021
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://www.managementdynamics.ro/index.php/journal/article/download/437/400 (application/pdf)
http://www.managementdynamics.ro/index.php/journal/article/view/437 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nup:jrmdke:v:9:y:2021:i:4:476-488

Access Statistics for this article

Management Dynamics in the Knowledge Economy is currently edited by Contantin BRATIANU, Florina PINZARU and Alexandra ZBUCHEA

More articles in Management Dynamics in the Knowledge Economy from College of Management, National University of Political Studies and Public Administration Contact information at EDIRC.
Bibliographic data for series maintained by Cristian-Mihai VIDU ().

 
Page updated 2022-04-05
Handle: RePEc:nup:jrmdke:v:9:y:2021:i:4:476-488