SUCCESSFULLY PREPARING DAUGHTERS AS SUCCESSORS IN FAMILY FIRMS

Abstract

Drawing on insights from the family business succession and mentoring literature ,we examined the preparation process for daughters as successors in family firms in the United States. In-depth interviews were conducted with eighteen daughters and their parent mentors (nine mothers and nine fathers) using a qualitative case study approach. We identified a reciprocal social exchange process between parent mentors who provided resources and daughters who acquired the knowledge to become successors in their family firms. Significant elements in the preparation process included: positive childhood experiences, choosing and earning a relevant college degree, the daughter’s autonomous decision to enter the family firm, guided on-the-job training, and counsel and advice to overcome the crucial issues of male gender bias and the burden of childcare responsibility. The significance is highlighted of differences that exist between mothers and fathers as mentors regarding understanding the daughters’ position in the firm and communication.