The Sustainably Transfer of Family Businesses to the Heirs

Abstract

         This research is a qualitative research. The objective was to study the guidelines in the sustainably transfer of family businesses to heir apparent. The data were collected by using in-depth interviews. The first key informant was the president of the association of small and medium enterprises in Thailand, and the next key informants consist of 5 persons who were interviewed in the same issues by using the snowball sampling technique until the data saturation was reached. The instrument used in the research is structured interview. The results of research showed that the guidelines in sustainably transfer of family businesses to the heirs can be able to divide into 3 phases, in 6 stages: Phase 1: before business succession, Stage 1: the leader/founder prepares business transfer succession planning; Stage 2: preparing and cultivating the heirs, Stage 3: the development of the heirs, Phase 2: learning and working in business, Stage 4: the heirs learn and work in family business, Phase 3: business transfer/transition, Stage 5: beginning of business management, Stage 6: taking a role in the overall managing family business.