Notice of RetractionFamily Business Succession Based on Leadership Establishment of China's Rich Second Generation

Abstract

In the next decade a peak will come that the ownership and power of China's family business transfer from the first generation of pioneers to the second generation of successors. Frequently the ratio of extinction is high when family business transfers to the second or third generation, therefore, the family business successors have to establish their own leadership to lead the enterprises growing persistently. The essential elements of leadership aiming to the family business successors are analyzed based on the five-force model of leadership, then leadership establishment are discussed from the view of cultivating the successors since their childhood in knowledge, capability and psychology, finally succession mechanism is put forth to guarantee the persistent growth of family business after transfer to the next generation.