The purpose of the article is to describe problems connected with succession and generational transition in family-owned businesses. The author examines how family-owned businesses can be characterized along with the general position of family companies in the economy. The strengths of the article are that the author completes theoretical findings with real examples of family-owned businesses and case studies. He also makes use of the latest findings of a dissertation thesis focused on succession problems in small and medium-sized family enterprises. The solving of the question of succession in family businesses has been identified as the greatest problem and a proposal for solving this dilemma is analysed in detail in the article. The solving of the problem of succession is an interdisciplinary theme on the border between management and sociology. Family companies share numerous problems with non-family companies; however, family businesses differ from other kinds of businesses in that they have to come to terms with a generational transition in the leadership of the family business.
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