Author(s): Edgar Nave, Arminda do Paço,Cristina Fernandes, Helena Alves, Joao J. Ferreira, Mário Raposo
Family businesses represent a significant percentage of GDP and employability in developed economies, and their continuity and transition to a new generation is a crucial challenge. This study aims to analyse the nature of succession processes in small and medium-sized family business, exploring critical skills and succession strategies. A qualitative methodology was adopted through the formation of a focus group with eight senior and junior members of family business from different sectors of activity. The results show that family businesses have characteristics that distinguish them from other companies, presenting experiences and obstacles that can put its continuity in cause, particularly the succession. Furthermore, these businesses generally adopt a long-term perspective, with family-centred decision-making and greater stability while the founder is the leader. This research contributes to extending knowledge about family business, especially the problems arising and experienced in succession processes from the first to the second generation.