The key factors influencing Y generation's decision and motivation of family business inheritance in Thailand.

Abstract

Family business is one of the major contributors to Thai economic growth. It has long been one of mainstream business in developing county. One of the keys to sustain family business is the smooth succession of transferring from generation to generation. Therefore, this study aimed to identify key factor influencing decision maker and motivation on family business inheritance by focusing on second generation of SME family business who are in the age between 26-40 years (born 1980-1994), Y generation. Qualitative approach is used in this study. After conducting interview, using thematic analysis as a tool to analyze, and coding key factors affecting decision, the result of this research shows that the consideration factors involve multidimensional decision making. Among the key factors, it is found that the view of inheritor considers five key factors including Corporate attribute, Management concern, Passion in business, Governance variables, and Family capital. In addition, motivation is one important dimension that cannot be ignored in order to success on primary stage of family business sustainability.