Succession as a Risk Process in the Survival of a Family Business—Case of Slovakia
Abstract
:1. Introduction
2. Literature Review
2.1. Starting the Succession Process
2.2. Successor Selection
2.3. Successor Education
2.4. Intergenerational Transfer
3. Materials and Methods
3.1. Data
3.2. Research Design
- Starting the succession process:
- ○
- Dealing with the topic of generational exchange;
- ○
- Development of a succession plan;
- ○
- Other plans with the management of the company;
- ○
- The best time to start tackling succession.
- Successor selection:
- ○
- Designation of successor;
- ○
- Preference for internal or external successor;
- ○
- Leading the successor to the family business;
- ○
- Expression of the successor’s interest in taking over the family business.
- Successor education:
- ○
- The impact of the possibility of becoming a successor from school selection;
- ○
- Adapting the education of the successor to the management of the family business;
- ○
- Work experience in a family business;
- ○
- Work experience in another company;
- ○
- The possibility for the successor to take part in the decision making;
- ○
- The willingness of the owner to delegate tasks to the successor.
- Intergenerational transfer:
- ○
- Involvement of the current owner in the company after a generational change.
3.3. Procedure
- We excluded the basic set texts that contained a low number of words (below 5) so that texts with low word frequencies did not positively distort the results (Markowitz 2021).
- The unstructured text underwent a tokenization process.
- The answers were in Slovak. This language belongs to the so-called groups of inflected languages. An important method was therefore the lemmatization of the text, which identified the basic word of the words independent of case, gender and number.
- So-called stop words (prepositions, confusion, etc.) and low-rate words were removed to preserve the content (Markowitz 2021).
- We became acquainted with the data.
- We used two views for the occurrence of words in the text:
- A list of frequencies;
- The inverse frequency of the document, called TF-IDF (Toosi et al. 2021), which determined the weight of the importance of words for each subtopic separately (Seo et al. 2020).
- Subsequently, we took the first 5 words with the greatest importance for the importance of each subtopic.
4. Results
Application Concept Extraction
5. Discussion
- Blending of the personal and professional lives of owners as well as their successors;
- The need for succession planning in sufficient time in advance, particularly the establishment of a succession plan;
- Launching a succession process that should affect the actual education of the potential successor;
- The need to gain experience and knowledge in a family business before a generational transfer;
- The very attitude of potential successors to generational exchange;
- The need for stakeholder communication, thus eliminating the problems associated with the succession process;
- Clarification of how the company will work after the generational exchange and what role the current owner still wants to play in it.
6. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Acknowledgments
Conflicts of Interest
References
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Age of Enterprises | Micro | Small | Medium | Large |
---|---|---|---|---|
up to 5 years | 18 | - | - | - |
6–10 years | 10 | 2 | 2 | - |
11–15 years | 8 | 4 | - | - |
16–20 years | 8 | - | - | - |
more than 21 years | 8 | 8 | 4 | 2 |
sum | 52 | 14 | 6 | 2 |
Age of the Owner | Micro | Small | Medium | Large |
---|---|---|---|---|
up to 40 years | 10 | 6 | 2 | - |
41–50 years | 26 | 4 | - | - |
51–62 years | 16 | 2 | - | 2 |
More than 62 | - | 2 | 4 | - |
sum | 52 | 14 | 6 | 2 |
Expression | Importance |
---|---|
deal | 78.72 |
plan | 67.48 |
written | 60.70 |
successor | 53.22 |
time | 52.82 |
Expression | Importance |
---|---|
business | 77.96 |
school | 58.94 |
son | 58.62 |
family | 58.38 |
knowledge | 58.18 |
Expression | Importance |
---|---|
decision | 76.22 |
business | 67.52 |
interest | 56.48 |
successor | 55.98 |
task | 52.12 |
Expression | Importance |
---|---|
help | 76.22 |
possibility | 67.72 |
successor | 56.48 |
helping hand | 55.98 |
management | 52.12 |
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Rumanko, B.; Lušňáková, Z.; Moravanská, M.; Šajbidorová, M. Succession as a Risk Process in the Survival of a Family Business—Case of Slovakia. J. Risk Financial Manag. 2021, 14, 458. https://doi.org/10.3390/jrfm14100458
Rumanko B, Lušňáková Z, Moravanská M, Šajbidorová M. Succession as a Risk Process in the Survival of a Family Business—Case of Slovakia. Journal of Risk and Financial Management. 2021; 14(10):458. https://doi.org/10.3390/jrfm14100458
Chicago/Turabian StyleRumanko, Boris, Zuzana Lušňáková, Monika Moravanská, and Mária Šajbidorová. 2021. "Succession as a Risk Process in the Survival of a Family Business—Case of Slovakia" Journal of Risk and Financial Management 14, no. 10: 458. https://doi.org/10.3390/jrfm14100458
APA StyleRumanko, B., Lušňáková, Z., Moravanská, M., & Šajbidorová, M. (2021). Succession as a Risk Process in the Survival of a Family Business—Case of Slovakia. Journal of Risk and Financial Management, 14(10), 458. https://doi.org/10.3390/jrfm14100458