National-Cultural Features of Transfer of Family Business to the Next Generation

Since the early 1980s the academic study of family business as a distinct and important category of commerce has developed. Today family owned businesses are recognized as important and dynamic participants in the world economy. Each country has its own rules for running a family business, which are very closely related to the cultural characteristics of the state. This is an indisputably important factor influencing all active processes of the family business. Parents, passing on their many years of experience from generation to generation, are brought up within the framework of certain rules that directly influence the formation of family traditions and values, which inevitably affects the development of family business. Therefore, family entrepreneurship, depending on the country, has its own set of knowledge and skills that can be useful for successfully forming the organization of other business owners of other countries.