Perceptions of succession planning in family-owned businesses

Abstract

ABSTRACT India has the third highest number of family-owned businesses (FoBs) globally, yet their intergenerational survival is at risk. The country faces a steep decline in female labor force participation and a “youth bulge,” with 54 percent of the population below the age of 25. The postpandemic era has necessitated the need for small and medium-sized enterprises to reinvent themselves to adapt to the fast-paced digital landscape. The perceptions of human capital and the inclusion of women in family business succession planning are often ignored. The aim of this study is to investigate the relationship of nonfamily employees and gender inclusivity on the survival of family-owned businesses. The authors propose a more inclusive culture in the FoB landscape as they undertake an ethnographic study to review literature between 2017 and 2022 while highlighting the impact of organizational culture to achieve gender egalitarianism and aid the United Nations Sustainable Development Goals.