Model for the success of family business succession in Bangkok and its metropolitan

Abstract

Family businesses in Thailand are part of the country's economic development and are essential for Thailand's GDP. For many years, the family businesses have been strengthened by a family constitution that focuses on the succession of the business to a new generation that comes from family members. The study was conducted in Bangkok and its metropolitan to assess the considering factors that impact the business success of the family. The leaders of the traditional family business have no business succession planning, their successors lack potential, and they have no positive attitudes towards the family business. As a consequence, the succession of the family business was unsuccessful. Both quantitative and qualitative methods were utilized to achieve this study’s set objective. This study used multi-stage sampling as a quantitative research method. The sample comprised 560 people who were heirs of family business entrepreneurs from the second generation to the present age in Bangkok and its metropolitan areas. The study results found that the technology, innovation, attitude of family members, responsibility of family members, leadership, potential, and family constitution significantly participate in the family business succession process. The study contributes practically and also to literature.