Intuitive Decision: When to Begin the Succession Process

Abstract

Family business succession research usually focuses on the problems that make many companies fail during or as a result of succession, to focus on the individual process of decision making itself is rare. In understanding the phenomenon on the personal level of reality, and understand decision-making process of succession, the decision maker’s thinking process and aspirations have to be taken in consideration. This can lead to uncertainties and errors; decisions are predetermined as being rational human limitations border them. Therefore, aspirations and search rules are adjusted over time in response to experience. Our aim was to search for the understanding of a phenomenon: the succession decision in family businesses, where, based on the survey, we attempted to order their intuitive knowledge and aspirations to surface the aspirations, intuitive knowledge of decision makers, in order to deepen our understanding of the succession decision making phenomenon.