FACTORS INFLUENCING THE SUCCESS OF GENERATION Y ON SMALL TO MEDIUM FAMILY BUSINESS INHERITANCE IN THAILAND

Abstract

The survival of a business in any niche is highly influenced by several factors from both micro and macro perspective. However, it’s interesting that inherited family business takes a different twist since they might not necessarily operate as ordinary business cases. This is driven by the factors that management is at hand of family members. This study investigates key factors influencing the success of generation Y on small to medium family business inheritance in Thailand. The study helps in coming up with more practical approach of operating family business in Thailand as well as pointing out key success factors among generation Y that could influence the success of family business firms in Thailand. A qualitative approach is deployed for this study and involves thematic analysis of data collected through interviews of 10 Thai generation Y participants. Analysis of data collected showed that motivation, individual attributes and societal dynamics are the most critical factors that contributes to the success of Generation Y or inherited business. Thus, it is vital for family and managers of family business to involve generation Y in all business operations as way to obtain experience and boost confidence to be able to operate the business.