Democratic Management Succession in Balkan Family Businesses: Appointment of Family and nonfamily Members in Leadership Roles

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Democratic Management Succession in Balkan Family Businesses: Appointment of Family and nonfamily Members in Leadership Roles

Markopoulos, Evangelos; Ukperaj, Denis; Vanharanta, Hannu; (2022) Democratic Management Succession in Balkan Family Businesses: Appointment of Family and nonfamily Members in Leadership Roles. In: Creativity, Innovation and Entrepreneurship. (pp. pp. 185-195). AHFE International Green open access

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Abstract

Given that the nomination of family and nonfamily members to top senior positions may set personal interests against corporate ones, this may lead to serious problems in the firm’s strategic direction when the two are not compatible. Consequently, potential successors should be assessed across different domains to determine who is the best fit for a leadership role. Accordingly, this paper introduces the Democratic Employee Connect Model (DECM), a step-gated framework that can provide a potential solution for family businesses when planning for management succession. It comprises six steps, which will guide family-owned enterprises during this crucial process. The six steps of the model align with the Company Democracy Model to democratically identify the most suitable candidate in the succession process, which is often driven by personal and family interests. The paper also presents research limitations that can be considered for future research.

Type:	Proceedings paper
Title:	Democratic Management Succession in Balkan Family Businesses: Appointment of Family and nonfamily Members in Leadership Roles
Event:	13th International Conference on Applied Human Factors and Ergonomics (AHFE 2022)
Open access status:	An open access version is available from UCL Discovery
DOI:	10.54941/ahfe1001521
Publisher version:	https://doi.org/10.54941/ahfe1001521
Language:	English
Additional information:	© 2022 Published by AHFE Open Access. The authors of papers published in the AHFE Open Access Proceedings will retain full copyrights as specified by the provisions of the Creative Commons: http://creativecommons.org/licenses/by/4.0/.
Keywords:	Family business, Succession, Entrepreneurship, People, Economy, Society, Governance, Management, Leadership, Balkan, Company democracy, Organizational culture
UCL classification:	UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > UCL School of Management UCL > Provost and Vice Provost Offices > UCL BEAMS UCL
URI:	https://discovery.ucl.ac.uk/id/eprint/10153329