Abstract
Family businesses constitute the oldest form of doing business. They connect three ele-ments: a family, an ownership and a company. The element that distinguishes family busi-nesses from non-family ones is succession. To keep a family character, it is necessary to pass it to the next generations. The main objective of this essay is to draw attention to the issue of succession that is currently faced by many companies in Poland and other coun-tries. Improper execution of the generational change can lead to a demise of the company. The Author discusses various new initiatives and undertakings that aim at supporting the companies in the process of transferring management to the successors. Moreover, he emphasises the importance of preparation of the successors themselves to take the re-sponsibility for the family company.
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