FAMILY BUSINESS SUCCESSION MANAGEMENT FROM FOUNDER TO THE HEIR IN FAMILY BUSINESS TO SUCCEED

Abstract

     The objective of this research is to study family’s business management and business management from one generation to the next. This is a qualitative research consisting of literature review, document analysis and in-depth interview. The samples were 22 entrepreneurs who are members of Rayong Chamber of Commerce (YEC). The results indicated that the key to successful family business is adapting and applying management skills and theories into the business.  The Thai family business can be classified into 7 categories as followed: Categories 1: The period before entering the family’s business, Categories 2: The leaning rang of heir, Categories 3: The internship in family’s business, Categories 4: The operating distance, Categories 5: Beginning in family’s business, Categories 6: The family’s business succession basic, and Categories 7: The complete family’s business succession.            The process of managing family business succession from one generation to another in Thailand has a lot of business passing through from one generation to the next. Therefore, founders should focus on the business heirs who are entering the transition between generations which is the most important period and considered a challenge for successful transition.