DEVELOPMENT AND SELECTION OF SUCCESSORS IN FAMILY FIRMS: EVIDENCE FROM BULGARIA
DEVELOPMENT AND SELECTION OF SUCCESSORS IN FAMILY FIRMS: EVIDENCE FROM BULGARIA

Summary/Abstract: Family business literature has devoted significant attentions on the development and selection of successors. However, most empirical research on this topic has been conducted in Western countries. This study is an attempt to explore the development and selection of successors in a sample of 51 Bulgarian family businesses. The paper presents empirical evidence about successor’s nurturing and development activities, the importance of various attributes for successor’s selection, the importance of acquiring tacit knowledge about various aspects of the family business, the presence of explicit selection criteria, and the participants in the selection process. The paper concludes with directions for future research and practical implications of the findings.

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