Succession Planning and Talent Development in Family Business

The objective of this thesis is to analyze family businesses and their approach to succession. Which factors contribute to a family business surviving it beyond the third generation. The theoretical chapters focus on the family business and exploring concepts related to succession planning. The knowledge gained was then absorbed and used for the practical chapters. To reach a conclusion, a quantitative and a qualitative method were used in the form of surveys and interviews. The surveys allowed participation from both family businesses and non-family businesses to understand differences related succession and talent development. Interviews with successors of family businesses were conducted then analyzed. Ultimately, conclusions were reached on what differentiates family entities from non-family entities and what contributes to successful succession planning. Books, journals, scientific articles, reports, and the internet were used to conduct research.