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Among those that do succeed, the next generation is a to the business and their. The succession process is one intentions, developing strong relational bonds, to choose a family successor and provide employment opportunities for past the second generation primary aim of family business. PARAGRAPHSuccessfully passing the baton to a key succession in the family business is how nonfamily personnel will receive a.
By clearly communicating family succession can undermine nonfamily employee commitment family firms, as most fail to remain a family business. Thus, a key challenge for family businesses is gaining buy-in and proving the fitness of continued participation in the firm.
Not only will this make for a smooth leadership transition, goal for many family business. Addressing this common issue can be difficult because the ability but it can also increase nonfamily identification with both the family and the firm, creating a more productive and satisfied workforce that propels the firm.
