Impact of Successor’s Personality Traits on Small & Medium Enterprise (SME) Family Business Succession
Author(s)
Sheikh Farhan Ashraf , Prof Dr Cai Li , Majid Murad ,
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Abstract
This study analyses the personality traits of the successor by implementing the big five-personality trait theory on the small and medium enterprise family businesses. The purpose of this study is to enhance the life duration of small and medium family business. The results of this study reveal that the attention of incumbent/founder towards the personality traits of successor is as vital as the continuity of the business. The three personality traits Openness, Extroversion and consciousness are more important for the successful continuity of the small and medium enterprise family business however, agreeableness personality traits should try to keep under control and neuroticism has no impact over the succession planning of family business. Family businesses are backbone for the economy of any country so a deep eye must be on family businesses with respect to economy.
Keywords
Personality Traits, Small and Medium Enterprise, Family Business Succession
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