scholarly journals Saving Small Business: The Urgent Need for Improved Business Succession Planning and how Immigrant Entrepreneurs can Help

2019 ◽  
Vol 18 ◽  
pp. 57
Author(s):  
Sarah V. Wayland
Keyword(s):  
At Risk ◽  
Small Business ◽  
Case Studies ◽  
Succession Planning ◽  
Business Owners ◽  
Small Enterprise ◽  
Goods And Services ◽  
Succession Plan ◽  
Immigrant Entrepreneurs ◽  
Business Succession

<p>Small business is the backbone of the Canadian economy, yet fewer than half of small and medium-sized enterprises (SMEs) in Canada currently have a succession plan in place. As such, many of these businesses could be at risk of closure, potentially reducing the wealth of the business owners in question and depriving communities of needed goods and services. This paper explores the possibility of business succession matching programs, with a focus on immigrants as potential purchasers of businesses. Immigrants are more likely to own a business than their Canadian-born counterparts, and a succession matching program could enable them to access established businesses, mentoring, and even creative financing to enhance their own chances of success as well as preserving desirable firms. The research is based on a review of existing literature, case studies and several interviews which identify an urgent need and potential solutions. </p><p><strong>Keywords: </strong>succession planning, small enterprise, immigration, immigrant entrepreneurs</p>

scholarly journals BISNIS KELUARGA TANPA “PUTERA MAHKOTA”

2018 ◽  
Vol 11 (1) ◽  
Author(s):  
Andreas Heryjanto
Keyword(s):  
Family Business ◽  
Succession Planning ◽  
Business Owners ◽  
Family Conflicts ◽  
Succession Plan ◽  
The Family ◽  
Family Harmony ◽  
Business Succession ◽  
Fatal Consequence ◽  
Family Business Succession

<p>Business viability is a main goal of family business. However, leaders are usually reluctant to let<br />off their power, even tend to be in charge beyond the age of retirement. The most fatal consequence of<br />reluctancy to hand over the leadership to his successor is the occurrence of "Prince Charles Syndrome".<br />Viability of family business requires a mature succession plan, maintaining family harmony, the<br />responsibility and unity of ownership, and maintaining superior resources. Succession plan becomes a<br />crucial issue in this family business. Succession planning should be a priority, by clarifying who the real<br />"Crowned Prince" appointed to continue the family business. In order for business viability to running<br />well, the second generation as a business successor must be well prepared, i.e. the process of the tacit<br />knowledge transfer, the full involvement of the next generation, and the planned regeneration. It is<br />needed of the willingness and magnanimity of current business owners and leaders to gradually let off<br />business de-facto and de-jure to the "Crowned Prince". With well-prepared succession planning, it will<br />avoid potential prolonged family conflicts.<br />Keywords: Business viability, succession plan, family conflict</p>

Small Business Succession: The Educational Potential

1994 ◽  
Vol 7 (4) ◽  
pp. 369-375 ◽  
Author(s):  
Leonard Mandelbaum
Keyword(s):  
Small Business ◽  
Succession Planning ◽  
Small Businesses ◽  
Job Creation ◽  
Educational Programs ◽  
Business Owners ◽  
Perceived Barriers ◽  
Small Business Owners ◽  
Business Succession ◽  
Educational Potential

Small and family-owned businesses play an important role in job creation. In this study, perceived barriers to succession planning are examined. Small business owners (most of whom were family businesses) were asked about these barriers to succession planning and the potential interest in educational programs for small businesses. Based on these data, potential tools and seminars were developed.

scholarly journals Economic Contributions and Challenges of Immigrant Entrepreneurs to Their Host Country – Case of African Immigrants in Auckland, New Zealand

2017 ◽  
Vol 6 (1) ◽  
pp. 25
Author(s):  
Olufemi Muibi Omisakin
Keyword(s):  
New Zealand ◽  
Small Business ◽  
Host Country ◽  
Sampling Technique ◽  
Business Owners ◽  
Small Business Owners ◽  
Structured Interviews ◽  
Immigrant Entrepreneurship ◽  
Immigrant Entrepreneurs ◽  
Definition Of

Entrepreneurship is an important concept in both developing and developed societies today. Although there is no consensus on the definition of entrepreneurship, it is believed to be a process of creating value by bringing together a unique package of resources to exploit entrepreneurship opportunities (Morris, 2002). This study aims to discover the economic contributions and challenges of immigrant entrepreneurs to their host country, and focuses on African small business owners in Auckland, New Zealand. Literature on immigrant entrepreneurship was reviewed, resulting in a discussion of the economic contributions of immigrant entrepreneurship as well as its challenges. Data was collected using face-to-face, semi-structured interviews, observation and field notes as the sources of inquiry. A purposive sampling technique was used to select 17 participants. All participants were African immigrant small business owners running businesses in Auckland. Thematic analysis was used to analyse the data collected (Braun & Clarke, 2006). 

Suggestions on Tax Support for Small Business Owners

2020 ◽  
Vol 21 (1) ◽  
pp. 89-107
Author(s):  
Sung Ho Jang ◽  
Sung Ook Park ◽  
Hyung Jong Na
Keyword(s):  
Small Business ◽  
Business Owners ◽  
Small Business Owners

Retirement, Recessions and Older Small Business Owners

2012 ◽  
Author(s):  
Tami Gurley-Calvez ◽  
Kandice Kapinos ◽  
Donald James Bruce
Keyword(s):  
Small Business ◽  
Business Owners ◽  
Small Business Owners

Academic engagement with small business and entrepreneurship: Towards a landscape of practice

2021 ◽  
pp. 095042222110344
Author(s):  
Oswald Jones
Keyword(s):  
Small Business ◽  
Community Of Practice ◽  
Academic Engagement ◽  
Business Owners ◽  
Business Research ◽  
Structural Funds ◽  
Core Concepts ◽  
Eu Structural Funds ◽  
The Uk ◽  
The Eu

Academic engagement with small business and entrepreneurship was facilitated by the availability of European Union (EU) funding, which also stimulated the emergence of a small business and entrepreneurship (SBE) ‘community of practice’. Gradually, the SBE community developed into a ‘landscape of practice’ as small business research moved towards maturity. Furthermore, the SBE landscape of practice has coalesced around three core concepts: entrepreneurial learning, social networks and social capital. EU funding was the catalyst for many SBE academics in the UK to engage with practitioners involved with starting and managing their own businesses. The UK’s exit from the EU will inevitably mean that universities will no longer have access to EU Structural Funds. This has major implications for the UK SBE community’s engagement with practice as well as for entrepreneurs and business owners who have benefitted from a range of programmes designed to improve the performance of smaller firms.

Measuring Success in Family Businesses: The Concept of Configurational Fit

2006 ◽  
Vol 19 (2) ◽  
pp. 115-134 ◽  
Author(s):  
Christoph Hienerth ◽  
Alexander Kessler
Keyword(s):  
Small Business ◽  
Small Businesses ◽  
Business Owners ◽  
Border Region ◽  
Small Business Owners ◽  
Comparable Data ◽  
Measurement Instruments ◽  
Success Measurement ◽  
Success Evaluation ◽  
As Effects

The problems associated with measuring success in small businesses are primarily caused by a lack of comparable data due to the ambiguity of “success” and by subjective biases. Success evaluation is dominated by the estimates of business owners, who tend to overestimate overall success and internal strengths. However, reliable success measurement instruments would be useful for small business owners/managers as well as small business policymakers. The main purposes of this article are to compare various measures of success, to explore the differences in their outcomes, and to analyze whether a model of success measurement using configurational fit can be used to overcome subjective biases. The study is based on a recent survey of 103 small family-owned businesses in the eastern Austrian border region. Our analysis of the data confirmed the existence of the measurement problems mentioned above. Although some individual indicators show significant biases as well as effects due to company age, size, and industry, the aggregated indicator based on the concept of configurational fit seems to be an appropriate means of overcoming most of these drawbacks.

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