SUCCESSION PLANNING IN FAMILY BUSINESSES: THE ROLE OF LONG-TERM PLANS

Abstract

Today, many of the oldest businesses in Europe and around the world are family-owned and their survival is the result of their ability to change over time. The key objective of a family business is to keep the firm in the family by passing it on to the next generation. The transfer of a business (the succession process) is considered an extremely difficult part of the business life cycle. A lack of planning can be one of the main reasons why business transfers fail, because it is only during the planning process that participants usually realise how complex the succession process actually is. We assume that the formulation of a strategic plan can play an important role in the transfer of a business. At the same time, however, its benefits are determined by whether the family accepts the plan, implements it, and involves the next generation. The objective of this paper is to analyse whether family businesses have strategic plans and which factors influence their formulation. The assumptions have been verified in a questionnaire survey among 212 family business owners in the Czech Republic. We used frequency analysis and a Chi-nses indicate that strategic planning is not typical for Czech family businesses. However, if we consider long-term planning as an intention to keep the business family-owned in future generations, then this can be confirmed in the data. The majority (84 %) of owners plan to hand the business over to the next generation. Planning in family businesses is correlated with a larger number of employees both the total number of company employees and a larger number of family employees. The previous experience of the founder or a family member also proved to be an important factor in the making of plans.

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Zagreb, 17-18 December, 2021
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SUCCESSION PLANNING IN FAMILY BUSINESSES: THE ROLE OF
LONG-TERM PLANS
Pavla Srbova
Brno University of Technology,
Faculty of Business and Management,
Kolejní 2906/4, Brno 61200, Czech Republic
pavla.srbova@vutbr.cz
Maria Reznakova
Brno University of Technology,
Faculty of Business and Management,
Kolejní 2906/4, Brno 61200, Czech Republic
reznakova@vutbr.cz
ABSTRACT
Today, many of the oldest businesses in Europe and around the world are family-owned and
their survival is the result of their ability to change over time. The key objective of a family
business is to keep the firm in the family by passing it on to the next generation. The transfer of
a business (the succession process) is considered an extremely difficult part of the business life
cycle. A lack of planning can be one of the main reasons why business transfers fail, because it
is only during the planning process that participants usually realise how complex the
succession process actually is. We assume that the formulation of a strategic plan can play an
important role in the transfer of a business. At the same time, however, its benefits are
determined by whether the family accepts the plan, implements it, and involves the next
generation. The objective of this paper is to analyse whether family businesses have strategic
plans and which factors influence their formulation. The assumptions have been verified in a
questionnaire survey among 212 family business owners in the Czech Republic. We used
frequency analysis and a Chi-
nses indicate that
strategic planning is not typical for Czech family businesses. However, if we consider long-
term planning as an intention to keep the business family-owned in future generations, then this
can be confirmed in the data. The majority (84 %) of owners plan to hand the business over to
the next generation. Planning in family businesses is correlated with a larger number of
employees both the total number of company employees and a larger number of family
employees. The previous experience of the founder or a family member also proved to be an
important factor in the making of plans.
Keywords: Czech Republic, frequency analysis, family business, strategic planning, succession
process
1. INTRODUCTION
The development of family enterprise in the Czech Republic has come to a stage at which many
company owners are preparing to end their involvement in the concern. They are, meanwhile,
considering the issue of who will be a suitable person to continue the business, i.e. successors
who will continue to develop the company in line with the goals pursued by the founders of
family businesses. Research into this issue confirms that this is one of the most demanding
organisational changes that must be confronted by every successful family business.
Researchers studying family businesses, such as Berrone, Cruz & Gomez-Mejia (2012), agree
that the aim of family business is to maintain the continuity of the family business across the
generations.

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This is a characteristic that differentiates these businesses from other concerns and demands
that the family behaves in a way appropriate to the attainment of this goal (at the cost of lower
short-term profits, for example). It is universally true that the ability to secure the growth of the
company, i.e. to innovate the services it offers on a continual basis, to retain its customers and,
if possible, to obtain additional customers, is important to the long-term success of any business.
The members of the family are aware that the legacy of the family and, therefore, the prosperity
of coming generations may be connected with the stability of the business, for which reason
they generally have an interest in ensuring the continuity of the business across the generations
(Miroshnychenko et al., 2021). In a stable environment, a family tends to invest more in the
business in the expectation of maintaining cross-generational control than businesses that are
pressured to achieve quarterly profits by dispersed ownership and company management
(Miroshnychenko et al., 2021). Family businesses with a long-term orientation tend to be
financially stronger and more effective. According to Lumpkin & Brigham (2011), a long-term
orientation that provides the business with strategic advantages contributes to the financial
prosperity of family businesses. These authors identified three dimensions of long-term
orientation: futurity, continuity and perseverance. Futurity reflects the utility of a focus on the
future, continuity represents the view that durability and constancy over time contribute towards
the creation of value in the future, while perseverance emphasises the awareness at the present
time required for the attainment of goals. Previous research indicates that the level of survival
among family businesses is low. Ward (1987), for example, states that approximately 30 % of
family businesses survive the first transfer of control and less than 10 15 % remain family
businesses in the third generation. Although this generally accepted information is based,
according to Stamm & Lubinski (2011), on just a single study in which the subject of the
research was comprised of 200 regional production companies, the family must devote the
necessary attention to preparing for the process of handing on the business and must prepare
for it properly. Lumpkin & Brigham (2011) describe passing on the business as follows:
is an event that might be greeted with delight or dread, depending on how it is
The success of a succession is influenced by factors that can be divided into hard
and soft factors (Cesaroni & Sentuti, 2017). Hard factors include the transfer of ownership,
reorganisation and restructuring, and mergers and acquisitions, i.e. issues associated with
monetary, technical and legislative matters. Soft factors include the motivation of the successor,
communication within the family, relationships between the family and the business, the
preparation of a successor and his or her knowledge and skills, any unwillingness on the part
of the existing owner to pass on the business, and shared decision-making. The success of the
transfer of a functioning family business is generally decided by soft factors and the
This involves passing on the enterprise behaviour and the tenacity
and robustness of a family that creates a motivational environment and gives purpose to the
enterprise. Jaskiewicz, Combs & Rau (2015) found that successful transgenerationally
entrepreneurial families have this entrepreneurial legacy, which is passed on by means of the
active engagement of the children in the business of the family and the discussion of issues
associated with the enterprise within the family. This engagement goes beyond the framework
of the ordinary transfer of a business and is based on strategic education, entrepreneurial
bridging and strategic succession. A legacy passed on in this way then motivates the successor
to preserve the business for future generations. De Massis, Chua & Chrisman (2008) found, on
the basis of their research of the literature, that the successful transfer of a business and its
successful continuation after this transfer are influenced not merely by the abilities of the
successor and the preparedness and motivation, but also by relationships with other
members of the family, non-family employees, suppliers and customers. The quality of these
relationships influences the level of trust in the new owner-manager of the enterprise.

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The performance of the business and any possible changes caused by the new management are
then also associated with the given factors. Changes in the business may lead to a shortage of
funds to cover costs or restrict the extent of business activities. The reasons for this may include
the redemption of the shares of other descendants, the engagement of professional managers
for reasons of the inexperience of the successor, and changes to market conditions that have a
negative effect on the motivation of the successor. This indicates that the events leading to the
process of succession also have an influence on the success of the succession. If these events
are unforeseen and the business has not prepared for them (death, illness, divorce, marriage, the
birth of a child), then they may have a negative impact on the continuation of the business. The
preparedness of the business, and therefore the clear demarcation of roles, may protect the
business against possible losses resulting from any change to the family situation. The given
factors also have an impact on the transfer of knowledge within the company, and thereby
support its continuity. According to Cabrera-Suárez, Saá-Pérez & García-Almeida (2001), good
relationships within the company are important to the transfer of knowledge from one
generation to another. These authors state that it is important for the successor to gain the
necessary knowledge and then integrate this knowledge into the management of the enterprise,
while also taking his or her own approach to its management (or more precisely, for him or her
to be allowed to take his or her own approach). The successor learns in this way to be a good
strategic leader, thereby guaranteeing the continuity of the family business. The issue of
succession is a key factor in strategic planning. The authors Matser & Lievens (2011) drew up
a Succession Scorecard as a tool to help entrepreneurs assess the success of succession and
achieve the successful transfer of their business. They identified ten key factors in their work
leading to the successful (or unsuccessful) transfer of a business. Although motivation and
family relationships are considered the key factors in the successful transfer of a business, it is
also important to successful transfer to have a succession plan (Gilding, Gregory & Cosson,
2015). If the owners of a business do not have any previous experience with planning and
planning is not a standard process in their business activity, then they can hardly be expected
to be capable of preparing a plan for the transfer of the ownership and management of the
company. For this reason, we consider in our research the issue of planning in family businesses
and its relationship with the preparation of a successor to take over the business. There are many
perspectives on the elaboration of plans in businesses, and not just family businesses. If we
apply the definition formulated by Honig & Karlsson (2004), then a business plan is a written
document that describes the current state and the presupposed future of an organization The
formalisation of business plans is important according to, e.g., Delmar & Shane (2003). The
opposite is stated by Honig & Karlsson (2004), who claim that plans tend to be of greater
importance to large business entities. We believe, however, that the formalisation of
preparations for succession in family businesses may help avoid conflict. It reduces the risk that
members of the family and non-family employees will consider the selection of a successor
unjust. Inadequate planning, frequently accompanied by conflict, increases the risk of the
failure of the transfer of the business and future business operations (De Massis, Chua &
Chrisman, 2008). According to Le Breton-Miller, Miller & Steier (2004) there is prevailing
agreement among researchers that succession must be planned. Succession planning means
making the preparations necessary to ensure the harmony of the family and the continuity of
the enterprise through the next generation. These preparations must be thought of in terms of
the future needs of both the business and the family (Lansberg, 1988). Porfírio, Felício &
Carrilho (2020) found that it is not very clear in practice whether the elaboration of a formal
plan is essential to success or whether an agreed procedure and an idea of how the succession
is to proceed is more important. In certain cultures, the elaboration of such a plan may cast
doubt on moral values, family principles or even respect for elders, and may then be seen
as a certain challenge to the status quo.

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The preparedness of a successor and his or her prior engagement in managerial activities may,
then, be more important than a plan itself. The reason for this is not just a realisation of the
capabilities and competitive advantages, but also the chance of facing new challenges
and contributing towards change within the business, for which reason less formal structures
do not consider it so important to have a written plan. A plan generally exists in advance in
more formal structures. Drawing up a plan in less formal structures may, however, be important
in order that successors have specific instructions about what (and how and when) is expected
of them. The results produced by Porfírio, Felício & Carrilho (2020) tend to confirm the
ambiguity of this situation. They also found that the existence of a plan may have an influence
on the motivation of successors, particularly if they have a higher education. As has already
been said, motivation is an important factor that can prove decisive in the success of a
succession. Highly motivated successors may be successful successors, frequently even if there
is no succession plan or in the case of small companies. Previous research also indicates that
the standard of formal education is important to the motivation of successors.
2. METHODOLOGY
The authors of this text posed the question, in relation to their research of the literature, as to
whether strategic plans are drawn up in family businesses if the aim is to preserve the
continuity of the business. The research also aimed to determine which factors influence the
fact that strategic plans are drawn up in a business. Owners of Czech family businesses were
invited to take part in the research. They had the chance of expressing an opinion on the
questions as to whether they plan to pass their business on to members of the family in the
future and whether they have clear plans regarding the future development of the business. In
the case of succession (referred to below as the variable to pass the business on to the
respondents could choose from the following possibilities:
yes, and I know who I will pass the business on to;
yes, but I do not know who I will pass the business on to;
no, I do not plan to pass the business on to members of the family.
In the case of the question regarding future planning (referred to below as the variable
up of a the respondents could choose from the following possibilities:
we draw up strategic plans;
we draw up an outlook for three years;
we have a yearly plan;
we have short-term plans;
we do not have any plan.
The responses obtained were also analysed in relation to other characteristics. The aspects we
investigated included whether drawing up long-term plans is connected not merely to the
preservation of the continuity of a family business, but also to the size of the business (by
number of employees and number of family members employed), the previous experience of
members of the family, and the preparation of a successor to take over the business.
Relationships with the following variables were evaluated:
the previous experience of the family;
- question:
the establishment of the company? Yes/No
the previous managerial experience of the founder of the family business;
- question: Did the founder of the business have any experience in the management of
another company before establishing his/her own business? Yes/No

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ongoing preparation of a successor to take over the business;
- question: If you are planning to pass the leadership of the business on to members of
the family, are you already preparing a successor to take over the business? Yes/No
total number of employees at the company;
- 2 categories: category 1: <5; category 2: 5 or more employees
number of company employees exclusively from the family;
- 2 categories: category 1: (0 2 ; category 2: >2 employees from the family
We collected responses from 212 Czech family business owners. Small and medium-sized
companies were included in the research. The collected data were analysed statistically
according to the following steps. First, absolute and relative frequencies were used to analyse
answers about the length of planning and the plan to transfer the business on to
the next generation. We then used asymptotic significance to analyse the strength of links
between the variables. Finally, the structure of the links was analysed. Differences between
categories of variables (statements) were examined using a Chi-square test (test of
independence). The chosen level of significance is 5 %. When the calculated asymptotic
significance is less than this level, we therefore reject the null hypothesis that the variables are
independent. The next step involved the calculation of adjusted residuals. If the absolute value
of this residual is greater than 2.00 (i.e. less than -2 or greater than 2), we can conclude that the
difference between the observed and expected frequencies is statistically significant at the 5%
significance level et al., 2019; page 263). JASP and SPSS software were used for data
analysis.
3. RESULTS AND DISCUSSION
The following table shows how many owners of family businesses stated that they draw up a
plan, including the length of this plan, and how many of these owners are planning to pass the
business on to the family in the future.
Drawing up
of a plan
Absolute
frequency
Relative
frequency
Plan to pass the
business on to the
family
Absolute
frequency
Relative
frequency
Strategic
plan
60 0.283 No 34 0.160
Three-year
plan
32 0.151 Yes, I have a
successor
in
mind
73 0.344
Annual plan 60 0.283 Yes, I have a
successor
in
mind
105 0.495
Short-term
planning
27 0.127
No
plan
33
0.156
Total 212 1.000 Total
212
1.000
Table 1: Length of plans drawn up and plan to pass the business on to the family frequency
(Source: own processing)
Eighty four percent of all respondents plan to pass the business on to members of the family in
the future, 50 % of respondents plan to keep the business as a family business, but do not yet
know who they will pass it on to. The remaining 34 % of respondents already know their
successor. The data does not, however, confirm whether long-term plans have been drawn up
by the majority of family businesses. Strategic plans have been drawn up by 28.3 % (about 1/3
of family businesses) and another 15 % draw up at least three-year plans.

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Other owners plan on a shorter horizon, most often for a period of one year (28.3 %). A
proportion of owners do not plan at all (15.57 %). We also determined whether the fact that a
company creates a certain type of plan is correlated with other factors:
the prior experience of the family;
the prior managerial experience of the founder of the family business;
ongoing preparation of a successor to take over the business;
the total number of employees at the firm;
the number of employees from the family.
Analysis of the data showed that there is a relationship between a plan to pass the business on
to a successor from the family and the elaboration of plans (Asymp. Sig. = 0.063). Further
values of statistical significance are given in the following table (Table 2). Table 3 then contains
an analysis of relationships between categories of variables on the basis of adjusted residuals.
Responses relating to the creation of plans were, for the purposes of this analysis, merged into
three categories (we plan x we do not plan), with the category draw up strategic
kept separate. Merely the responses and were retained for a plan to pass the business
on to the family.
Variable/Factor
Elaboration of a
plan
Asymp. Sig. (2-
sided)
Plan to pass the business
on to the family
Asymp. Sig. (2-sided)
Total number of employees at the firm 0.004 0.046
Number of employees from the family 0.981 0.009
The prior experience of the family 0.044 0.630
The prior managerial experience of the
founder
of
the
family
business
0.001 0.763
Ongoing preparation of a successor to take
over
the
business
0.010 0.000
Table 2: The influence of selected factors on business planning
(Source: own processing)
Table following on the next page

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Ongoing preparation of
successor to take over
the business
Total number of
company employees
Number of family
employees
Plan to pass the
business on to the
family
Yes No <5 >2
Yes 104 (6.2) 74 (-6.2) 59 (-2.2) 119 (2.2) 96 (2.6) 82 (-2.6)
No 0 (-6.2) 34 (6.2) 18 (2.2) 16 (-2.2) 10 (-2.6) 24 (2.6)
Creation of plans
No, we do not
make plans
12 (-1.6) 21 (1.6) 20 (3.2) 13 (-3.2) 16 (-0.2) 17 (0.2)
Yes, we make
plans
53 (-1.5) 66 (1.5) 42 (-0.4) 77 (0.4) 60 (0.1) 59 (-0.1)
Strategic plans 39 (2.9) 21 (-2.9) 15 (-2.2) 45 (2.2) 30 (0.0) 30 (0.0)
Prior experience of
family
Prior managerial
experience of founder
of family business
Plan to pass the
business on to the
family
Plan to pass the
business on to the
family
Yes No Yes No Yes No
Yes 97 (0.5) 81 (-0.5) 73 (0.3) 105 (-0.3) x x
No 17 (-0.5) 17 (0.5) 13 (-0.3) 21 (0.3) x x
Drawing up of
plans
No, we do not
draw up plans 14 (-1.4) 19 (1.4) 7 (-2.5) 26 (2.5) 27 (-0.4) 6 (0.4)
Yes, we draw up
plans
60 (-1.1) 59 (1.1) 44 (-1.2) 75 (1.2) 95 (-1.9) 24 (1.9)
Strategic
plans
40 (2.4) 20 (-2.4) 60 (3.3) 25 (-3.3) 56 (2.3) 4 (-2.3)
Clarification to the table: The first number in a cell shows the absolute frequency in the given category,
while the second expresses the value of the adjusted residual. Cells in bold are those in which the
relationship is statistically significant, i.e. where a frequency statistically significantly greater (or less)
than
expected
was
found.
Table 3: The influence of selected factors on a plan to pass the business on to a successor
from the family evaluated on the basis of adjusted residuals
(Source: own processing)
Analysis of the relationships between the individual responses indicates that
strategic plans are drawn up statistically significantly more often in family businesses with a
larger number of employees. A strategic plan is also drawn up more often in family businesses
in which someone in the family has had experience in the given field before the business was
established or if the founder of the business has had some experience in a managerial position.
The following findings were observed in analysis of the responses of the owners of family
businesses in which no plans are drawn up:
these are businesses that more frequently have fewer than 5 employees;
the founder has no prior experience in a managerial position at another company;
no statistically significant difference in frequencies was determined where members of the
family had experience in another branch of enterprise;
similarly, no influence on the creation of plans was demonstrated by the number of members
of the family employed in the given business.

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In contrast, if the owner is planning to pass the business on to a successor who is a member of
the family, there is a greater chance both that the business has a larger total number of
employees (>5) and that more than two members of the family are employees at the company.
Any plan to pass the business on to the family in the future is also associated with whether a
successor is already prepared to take over the company. If the owner wants to pass the company
on in the future, then he or she often prepares a successor in advance. It can be said on the basis
of analysis of the data that the prior experience of members of the family does not influence
any plan to pass the company on to the family in the future. The fundamental goal of a family
business is to preserve its continuity across generations of the family (e.g. Berrone, Cruz &
Gomez-Mejia, 2012). Although researchers agree that this is an important goal for the owners
of family businesses, our data do not show that long-term plans are generally drawn up by these
businesses. Only a third of owners of Czech family businesses stated that they have a strategic
plan. The data does indicate, however, that if a business has drawn up a strategic plan, the
family plans more often to keep the business in the family in the future than is the case when
either a plan is drawn up for a shorter period or no plan is drawn up at all. The non-existence
of a strategic plan does not, however, mean that the current owner does not plan to pass the
business on to the next generation. The investigated sample of family businesses shows that the
preservation of its family character may be preserved in as many as 84 % of them. We can,
then, confirm that the aim of the current owners of family businesses is to pass the business on
to the next generation. We incline towards the view held by Porfírio, Felício & Carrilho (2020)
that it is not unequivocal that a strategic plan being drawn up affects the continuity of a family
business, as 74 % of family businesses (56 respondents) whose owners stated that they want to
pass the business on to the family have not drawn up a strategic plan. Small businesses, in
particular, are characterised by the fact that they have an informal structure, for which reason
they do not generally have any formalised planning in place. The data analysis we performed
also indicates that drawing up plans is correlated with a larger number of employees, i.e. with
a growth in the size of the business. We can agree with Honig & Karlsson (2004) that formalised
planning is implemented primarily in large concerns. The responses obtained indicate that the
intention of the family to pass the business on to the next generation is influenced by the number
of employees from the family, in addition to the size of the business. Another finding concerns
the influence on planning of the prior experience of the family. The prior experience of the
family in another branch of business and the experience of the founder in another managerial
position before the foundation of the family business have an influence on the drawing up of
plans, i.e. strategic plans are created more often in family firms in which the founder of the firm
or other employees from the family have gained such experience in another company. The prior
experience of members of the family may also point to the fact that there is a more formal
structure in place at these businesses.
4. CONCLUSION
In summary, the results point to the fact that the family does plan long term and its strategic
goal is to keep the business in the family, in spite of the fact that family businesses often have
no strategic plan drawn up. Our findings also show that a successor is often coached to take
over the family business. In the case of a successful succession, the family has managed to pass
on the entrepreneurial legacy of the business to its successors rather than having a strategic plan
formally drawn up (Jaskiewicz, Combs & Rau, 2015). This means that it has engaged its
successor in the course of events within the family business in advance and has created a
motivating environment for this successor. Engagement of this kind goes beyond the scope of
the ordinary transfer of a non-family business.

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ACKNOWLEDGEMENT: This research has been carried out within the project
firms: Value drivers and value determination in the process of ID Number
TL02000434, co-financed by the Technology Agency of the Czech Republic and within the
specific research project Models in Finance of the Internal
Grant Agency of the Brno University of Technology, with Registration Number FP-S-20-6466.
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