Family business in the succession process

The aim of this thesis is to identify and analyze the biggest challenges for family businesses encounter when dealing with the succession and governance process. The findings are based on academic literature review, interviews with future successors and a survey with potential future successors. The Interviews were held with family members who were either the future successor or involved in the succession and governance process. Three German and one Czech family business were analyzed. The survey was conducted anonymously by 30 young, potential successors in collaboration with the University St. Gallen. The results of the interview and the survey were that most challenges occurred because the succession process is often not planned or structured and family shareholders are not sufficiently involved in the decision-making process. Furthermore, the identification with the family business decreases with increasing size and age and thus makes it more difficult to find a suitable successor within the family.