The Continuity of the Family Business

The work examines the generational change in family firms and highlights how that process if managed properly ensures the continuity of family firms, through the takeover of the successors The generational change is one of the most delicate moments in the life of family firms, a period that involves different aspects both the enterprise is that of the family. In generational change, it is necessary to introduce elements of decision-making rationality, separating first and foremost the business reality from the one family trying to proceed in accordance with the values and expectations of the latter. If the main objective of the succession is the family firms continuity, it is necessary to implement a planning process that helps the entrepreneur and his family to realize the future they want for themselves and for the company, through interventions to implemented gradually over two distinct realities: the family and firm, whose aspects are intertwined and mutually conditioning. The generational change presents risks and opportunities due to the fact that the first generation creates, the second develops and the third destroys. International studies show that one in three does not survive the first generation. It necessary to work in view of the good of the company, to resolve conflicts, cooperate mutually recognizing the contribution of each person to the family-run enterprise, to form patiently the new generation and with dedication, transmitting force with its own principles and values family organization.