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Thomas Zellweger
Title
Prof. Dr.
Last Name
Zellweger
First name
Thomas
Email
thomas.zellweger@unisg.ch
ORCID
Phone
+41 71 224 71 00
Google Scholar
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1 - 5 of 5
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PublicationComing Home or Breaking Free? A Closer Look at the Succession Intentions of Next-Generation Family Business MembersFamily business owners have a strong desire to keep their company under family control across generations. But who is best suited to take over, and which factors encourage succession within the next generation? In our previous study, Coming home or breaking free? Career choice intentions of the next generation in family businesses (2011), we explored what motivates students to pursue a career in the family business. In this study, we continue that exploration of succession intentions but with an even broader international scope. Some of our more interesting findings include: - Only 3.5% of all next generation members want to take over their parents' firm directly after college graduation; 4.9% plan to do so five years later. - The pool of potential successors who are generally open to becoming a successor is much larger (19.8% of all students with family business background). - Since 2011, succession intentions have been decreasing; we estimate a decrease of around 30%. Likely causes include a more attractive job market and potential successors developing deeper insights into what it takes to assume control of the family business. While fewer next-generation members intend to become successors, those who do may be more motivated and better prepared. - Female potential successors have weaker succession intentions than their male counterparts. In addition, we identify different important drivers of succession intentions on the cultural and institutional level, the individual level, the firm level, and the family level.Type: work report
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PublicationComing Home or Breaking Free? : Career choice intentions of the next generation in family businessesFamily companies are characterized by their unique combination of dynastic will, family ownership and professional management: this connection produces a dynamic that offers competitive advantages, but it also harbors potential risks. Generational change in family businesses is a highly complex process and often constitutes a balancing act for everyone involved - family, company and owner. Resolving issues is both emotionally led as well as practical; alongside fiscal, legal and financial questions are the very personal aims and values of the family members and, in particular, the views and ambitions of the next generation of family business owners. This study attempts to provide insight on the succession intentions of students with a family business background. It draws from a large- scale dataset collected in 2011 as part of the Global University Entrepreneurial Spirit Students' Survey (GUESSS) project, which analyzes the entrepreneurial intentions of students around the world. Given that the founding intentions of students have been analyzed in great depth over recent years, the present study complements the picture by focusing on succession intentions. We believe that our study provides some fundamentally new insights into family firm succession. We investigate in detail what motivates students to pursue a career in their parents' firm. To this end, we explore the individual, family, business and societal-level drivers of succession intentions and conclude with the implications for both senior generation family firm owners and students from family businesses.Type: work report
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PublicationType: work report
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