Date of Conferral
Doctor of Business Administration (D.B.A.)
The purpose of this study was to examine the factors involved in successful second-generation legacy perpetuation in independent insurance agencies. This study examined the role of parent and child throughout the process in an effort to thwart the current high failure rates. This research aims to promote healthy business activity, improve success and sustainability, and add positive social stewardship in communities. Education and preparation of successor, timing of transition, financial considerations, and processes of succession were addressed. Two frameworks guided this study: Bertalanffy's systems theory and Bandura's theory of self-efficacy. Nonrandom, purposeful samples of 3 profitable, second-generation agency owners of 10 years or more in Pennsylvania provided information rich, in-depth interviews. Interviews were transcribed for patterns and cross-case analysis helped reveal commonalities. Themes identified suggested that successful agencies hired professional consultants. A key finding was having a written plans detailing payoff considerations. The primary recommendation from the study is to hire a professional to guide the process. This study has implications for positive social change as it contributes to the education of legacy-perpetuated transition and prevention of failure. Helping to keep family businesses thriving can, in turn, promote positive social change within communities.