HOW YOUNGER GENERATION MANAGE THEIR FAMILY BUSINESS

Abstract

In this study, how younger generation manage their family business from the older generation, the purpose of this study is to provide inside information of the family business from the younger generation perspective and also show next step of management in the future, to know deeper how younger generation manage their family business after they got from the older generation. Previous studies in literature review for next generation or the successor in family business and the transferring power in family business are reviewed. Qualitative research is done by conducting interviews with 10 younger generations who already work inside their family business. It is concluded that there are differences between the younger generations in term of business, characteristics, succession planning, conflict and innovation in business. The similarities are found in family business and also some differences in each industry of business which difference criteria to solve which are challenge for future management of the successors. Recommendation to the younger generations is preparation before joining family business, avoid conflict in family to let the business smooth and to expand new channels of business follow to present era such as online version.