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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Iuliia Parfenova
Business Development Scenarios in the Owners' Views: Evaluation of Chances of Succession
Complex Social Analysis
(Master’s programme)
2018
This paper is dedicated to the problem of the succession from the position of the entrepreneurs of the first generation. We have studied facts, on which businesspersons build future scenarios of their businesses’ development and we also figured out certain configurations, which allows to presume high chances of possible succession. Theoretical analysis allowed us to generate and formulate hypothesizes concerning influence of individual, communicative, financial and contextual factors on the development of family business.

Based on the analysis of interviews with Russian entrepreneurs who are interested in this topic, we confirmed the hypothesis, that owners consider options of selling, passing or giving the business under professional guidance or saving stock in the family. Option of passing business to the family members is still considered by the business owners as unpreferable. On the current stage business owners facing difficulties to determine the fate of the business in the long term. All along, next combination of factors allows us to presume high chances of the succession: focus of the business owners on the long-term strategies, realization of the problem of governance and desire to hire professional managers, shared values in entrepreneurs families, proper education or education, strongly tied with the father’s business of the potential successors, and also late or second marriage, where young generations have opportunities to pass all necessary stages of succession process. The main obstacles on the way of succession process are uncertainty of the external environment, institutional limitations, and also resistance of the business owner to give up on ruling the business, because of his vast social capital, which is great competitive advantage in Russia. And with this, possibility to mobilize family resources and also government attempts to legitimize family entrepreneurship allows to compensate negative factors in the long-term perspective.

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