Date of Conferral

2021

Degree

Doctor of Business Administration (D.B.A.)

School

Management

Advisor

Daniel Smith

Abstract

AbstractFamily firm businesses represent 90% of the global economy and have a 70% first-generation failure rate; business sustainability could have a tremendous impact on the U.S. economy. Grounded in the sustainable family business theory, the purpose of this qualitative multiple case study was to explore strategies used by four California-based, multigenerational family firm leaders who successfully implemented succession planning processes to transfer leadership of their family firm. Data were collected by reviewing firm documents, public information, and semistructured interviews. Data were analyzed using thematic analysis and methodological triangulation, and five themes emerged: leader strategies to implement succession planning, strategies for early career development, family engagement in the firm, implementing family engagement in the firm community, and strategies for impactful leadership style. A key recommendation is for family firm leaders to implement a mentorship program consisting of transition activities, including leadership progression responsibilities, career path development, leadership transition inclusion with family member engagement in the firm community, and leadership style development. The implications for positive social change include the potential to increase family firm sustainability and employment growth in the community, which will increase tax revenue to support increased community social and economic enhancements.

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