Intra-family succession insights: the presence of millennial cohort successors

Abstract

PurposeThe purpose of this study is to shed some light on an important phenomenon – how and why intra-family succession may change if millennial cohorts are considered as successors. Specifically, it aims to explore the superordinate themes that support the success of intra-family succession from perspective of two different cohort successors (X and millennial).Design/methodology/approachAn interpretative phenomenological analysis (IPA) was adopted for detailed structural analysis of in-depth interview as it aims to explore meaning of participants' experiences. A total of ten individuals participated in the study.FindingsSeventeen superordinate themes emerged from participants' personal statements and experiences. The themes are grouped into four aspects: namely, characteristics of predecessor and successor, succession process, firm and family and succession output. These aspects were found to be different between X and millennial cohort successors. They then form an empirical model of intra-family succession from both perspectives.Research limitations/implicationsThis study enriches the theory of family firm by considering generational effect of successors on intra-family succession.Practical implicationsAs millennial cohort successors prefer to go directly into business (experiential learning) and are driven by non-material motives (passion-driven), predecessors are expected to utilize them in the process of nurturing and development.Originality/valueThis study considers the role of generation cohort in supporting the success of intra-family succession especially in relation to the characteristics of millennial cohort successors that have been shown to differ from that of X cohort.