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Succession planning plays a vital role in the survival of a family business from one generation to the next. However, if succession planning is so critical, why do only 30 percent of family businesses survive from the first generation to the second, only 12 percent from the second generation to the third, and only 4 percent from the third generation to the fourth (Poza 2013).Previous studies have revealed that having a shared vision for the future of the multigenerational family business increases the likelihood of a smooth and effective leadership transition. If a shared vision is so important to the multi-generation survival, why are there gaps in having one?The purpose of this study is three-fold: first, to conduct an in-depth literature review on various aspects/factors that impact the creation and use of shared vision for the future of the firm by the younger and older generations, second; to develop a survey instrument that will be used to identify if multigenerational family farm businesses indeed have a shared vision for the future of the farm; and third, to draw on the existing evidence from agriculture and non-agriculture fields to identify practical strategies to create a shared vision and increase the probability of survival of a family farm business.
Zbinden, Kaiti, "The Role of Shared Vision in Survival of Multigenerational Family Businesses" (2020). Agriculture. 2.