TAF PUBLISHING

This paper aimed to 1) study the factors of family business successor readiness and 2) investigate the obstacles that are mostly found during the succession process and factors that lead to successful succession in family business from successors' perspectives. The study was undertaken in Thailand among eight family business succes- sors who ran medium to large-size family businesses based on qualitative research. They already had a successful transition in their family businesses. The participants were selected by purposive sampling technique; including family business successors from pharmaceutical industry, tea industry, packaging industry, energy industry, food processing industry, and shoe industry. The findings revealed that nine factors contribute to the successor's readiness: 1) working experience in the family company, 2) working experience in other company, 3) industry-specific knowledge, 4) reward or cash compensation, 5) personal interests or needs, 6) commitment to the company, 7) relationship among family members, 8) family harmony, and 9) trust in successor's ability. By addressing these nine factors appropriately from both the predecessors and successors, the family business will ensure its continuity into the future.