Family business succession and its impact on indebtedness: Evidence from SMES of Leiria region
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Abstract
Family firms are present all overtheworld contributing positively to the economy, wealth creation and employment. Despites its presence, the continuity of these firms depends on itssuccession.This paper presents a theoretical framework on the succession of family firms, the main concerns, and major errors.Then it is analyzed how isthe succession of family firmsin Leiria region, Portugal. Finally, it is analyzed the impact of the firm’s generation and the existence of non-family managers in the firm’s debt. Results show that most firms are in the founder’s generation, and its managers are usually family members. Moreover, 45%ofsample alreadyworried about the succession and devised a plan, but mostly have done itwithout the support of experts. Finally, the firm’s generation and the type of manager does not have impact on the firm’s indebtedness.
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