Methods of social network transfer in Thai family business succession
Trusted social networks are the one of invaluable assets of family businesses, which take time to build and to maintain. Therefore, in situations of family business succession, the process of network transfer cannot be ignored, but instead must be well planned in order to ensure the continuity of th...
Saved in:
| Main Author: | |
|---|---|
| Other Authors: | |
| Format: | Article |
| Published: |
2023
|
| Subjects: | |
| Online Access: | https://repository.li.mahidol.ac.th/handle/123456789/83045 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| Institution: | Mahidol University |
| Summary: | Trusted social networks are the one of invaluable assets of family businesses, which take time to build and to maintain. Therefore, in situations of family business succession, the process of network transfer cannot be ignored, but instead must be well planned in order to ensure the continuity of the existing social networks. Drawing upon Steier's (2001) natural immersion and planned succession on social network transfer in family business succession, thirty in-depth interviews were conducted with family business predecessors in Thailand; to see how they prepare and handle the transfer of their social networks to their successors-to-be. A two-step process of social network transfer was found to be a common practice amongst them. Step one “network transfer preparation” is the stage where the predecessors prepare their potential successors to be ready, and also to be competent to run the family business; by engaging them in the family business at the early stages and at an early age, encouraging them to gain work experience from external organizations, as well as getting them to study in the field that is most relevant to their family businesses. Step two is “network transfer execution”, in which successors-to-be are introduced to business partners, and jobs are delegated to them gradually. The predecessors expect their successors to maintain the same level of trust and collaboration, and uphold the business reputation that has been built up through one generation to the next. Whether or not such ties will be able to be maintained or strengthened depends on how well their successors invest their time and energy in developing trust levels and maintaining the cohesion of their existing social networks, as well as building up those networks further. |
|---|