These approaches to knowledge were used at different times during the succession process (pre-succession, transition and succession), although some approaches persisted throughout the process. After primary research, a process model was created that included the most successful knowledge approaches in the stages of succession.
INTRODUCTION
- Introduction
- Problem Statement
- Research Objectives/Questions
- Scope of Research
- Key Words
To develop a framework that explains the role of knowledge approaches in the process of firm succession. How knowledge creation, knowledge transfer, and knowledge management affect the success of the succession planning process in Thai family-owned firms.
LITERATURE REVIEW
Family Businesses
Within this definition, a family business is defined as: a business wholly or majority owned by members of a single family, managed (wholly or partially) by members of the family, and where the intention is to transfer ownership over to carry and control to the next generation of the family upon retirement of the current generation. Family-owned organizations are today considered an essential and undeniable association of the world's economy.
Family Succession Planning
In the early stages of the first generation family business, the founder is the sole operator, while the likely successor plays no role (eg because he or she is still a child). In the final phase of the succession process, the founder has moved into a consultant role, while the successor has become a manager or top decision maker.
The Succession Process: Mutual Role Adjustment between Predecessor and Next-Generation Family Member(s)
Importance of Knowledge in Family Businesses
The list of exercises that help shape and set the cutting edge can be long. Families should take advantage and learn about their needs, structuring learning projects and exercises beforehand to guarantee an effective adventure.
What Is Knowledge Management?
Knowledge Creation (SECI Model)
Externalization is a process of creating new knowledge by converting one's tacit knowledge into explicit knowledge through the use of metaphors, analogies, or any other form. Internalization is a process of creating a new piece of knowledge by converting available explicit knowledge into the tacit knowledge of individuals through training, practice or some form of learning methods (Nonaka, 1994).
Knowledge Creation (Ba)
When Interacting Ba is standardized in the organizational culture, venture groups, teams and cross-utilitarian groups are introduced. Cyber Ba is a collaborative position in the virtual world and speaks to the blending stage where new unambiguous learning is united with existing data.
Knowledge Management in Different Settings
A company can be seen as a natural arrangement of different Ba, where individuals relate to each other and the land depends on the learning they have and the importance they give.
Knowledge Management in Large Companies/MNCs
Knowledge Management in Small Companies/SMEs
Regardless of the importance and benefits of knowledge management, there are still limitations to the effective use of knowledge management in SMEs (Anand et al., 2021). SMEs undertake a significant degree of knowledge management practices in acquiring, creating and sharing information between companies (Desouza & Awazu, 2006).
Knowledge Management in Family Businesses
Interestingly, there is a notable lack of investigation into the learning practices of small and medium-sized enterprises. For this reason, in this exam, we focus on the learning exchange of relatives, from one age to another, and similar ages.
Theoretical Framework
- The organization as a knowledge system and processes of knowledge construction
- Tacit and explicit knowledge
- The knowledge spiral and knowledge processes
- Succession in the family firm and the knowledge transfer process The process of succession in the family firm has been theorized by Handler
- The effect of firm size on knowledge management and succession The final aspect of the theoretical framework is firm size. Whether firm size
- The theoretical framework
The difference between tacit knowledge and explicit knowledge is therefore considered part of the knowledge transfer process. The SECI or knowledge spiral model of knowledge transfer is the third component of the theoretical framework.
Propositions of the Study
DATA COLLECTION & METHODOLOGY
Research Approach
As this is fundamentally a social and organizational question, rather than one that can be boiled down to a quantitative question, the qualitative research approach is most appropriate for this study. There are three different ways in which research can be used: as exploratory, descriptive and explanatory research (Saunders & Lewis, 2017). This study makes use of descriptive research, which is the first step in understanding the phenomenon of knowledge management in the firm.
Exploratory Design
For large/MNC organizations, knowledge management is in a growing trend and has reached, developed and regulated where a successful organization could increase the relevance of the process and continue to improve in the exclusive requirement. Once again, knowledge management in SMEs has waxed and waned in a short time frame due to its ubiquity with no research achievements. In short, the family business is at the beginning of an era and not all the territory of knowledge management has been secured (Curran and Blackburn, 2001).
Case Study as a Research Strategy
During the pilot test, the creator faced obstacles regarding the member's privacy and receptivity. Many answers were non-specific and non-binding, with the interviewee not providing much personal information. This resulted in an extended conversation with sessions where much of the discussion was not useful.
Respondents and Selection Criteria
In conclusion, the clarity of the research, especially in the areas of literary terms and word reading, requires fundamental attention. The questions from the semi-organized meetings were open enough and led to good conversations in many situations. Be that as it may, part of this may be the design of the study.
Pilot Study
Of the eight interviews, the shortest lasted 30 minutes, while the longest lasted 100 minutes. Most of the interviews went smoothly and the researcher could get a large amount of information from each of the interviews. During the pilot examination, the creator faced hurdles related to member privacy and willingness.
Data Collection Process
Furthermore, Vissak (2010) emphasizes that speaking enables the scientist to get the solution from the right respondent, which is diverse to a review. However, the researcher must take into account that there may be bias in the data due to the researcher's interpretation of the events (Yin, 2018). Either way, the analyst must consider whether there may be bias in the information because the scientist created the events (Yin, 2018).
Interview Questions
Did you have all the knowledge you needed when you took over the business. 11.[Successors]. Do you think you have all the knowledge you need now for when you take over the business. However, the researcher completed 10 case studies for each group to ensure that the data is as valid as possible.
Organizing Data into Themes and Coding
Overall, the data was fairly saturated most of the time with examples of the fifth and sixth interviews of each size. It is defined as words or short phrases that define abstract symbols, their meaning and/or evocative attributes for some information based on language or images (Saldana, 2015). A code in a qualitative query is most often a word or short phrase that summarizes the importance, captures the essence, and/or recurring attributes of the image-based language or content.
Obstacles Faced during Data Collection
All transcribed data are tested where possible against factual information and the theoretical framework from the literature. The member's inability to read and compose can adversely affect the information gathering process. The respondent may feel embarrassed because he or she does not understand the slogan in the survey question.
Validity
Quality control is an important tool for the validity and reliability of the qualitative interview process (Miles and Huberman, 1994). This helped to ensure that none of the necessary information was omitted or misconceived. Repetitiveness of information is a sign that most of the information has been covered in previous cases.
Data Analysis
DATA ANALYSIS
Participant Profile
Two reasons were identified for this generation skipping, including the early death of the intermediate successor (two companies) and a lack of interest or unsuitability of the intermediate successor (two companies). In some cases there were also lateral transfers of power, such as between aunt or uncle and niece or nephew (3 companies) and between older and younger cousins (1 company). In aunt/uncle transfers, this usually happened because the predecessor had no children to whom the business could be transferred directly.
Knowledge Management Approaches of Family Businesses
I have been working with our logistics and supply chain department and working with our suppliers for a few years now” (24S). The frequency of the knowledge creation and transfer approaches suggests that the follow-up environment varies between companies, but is more likely to involve. Some other practices, such as stakeholder engagement and strategic planning, were also not universal, but related to the stage of the succession process.
Knowledge Management Approaches and Use for Tacit and Explicit Knowledge creation
- Socialization processes
- Externalization processes
- Combination processes
- Internalization processes
It is noteworthy that, in contrast to some of the other domains, there were no knowledge approaches that only dealt with socialization. Overall, it seems that externalization may be one of the less used approaches to knowledge creation in the succession period. Overall, internalization appears to be an inherent part of the knowledge creation process in the individual succession phases.
Knowledge Approaches in Different Succession Phases
- Phase 1 knowledge approaches
- Phase 2 knowledge approaches
- Phase 3 knowledge approaches
It was also in Phase 2 that the successor began to become more involved in the long-term and strategic processes of the company. The third phase of the succession process is the succession period, where the successor has taken control of the company (Handler. However, this is also a stage that is critical to the overall success of the knowledge creation process.
Knowledge Approaches in Firms of Different Sizes
- Socialization approaches in firms of different sizes
- Externalization approaches in firms of different sizes
- Combination approaches in firms of different sizes
- Internalization approaches in firms of different sizes
Early involvement was practiced in almost all companies, including all small and medium-sized companies and about three-quarters of large companies. In summary, most socialization approaches, including mentoring, project work and problem solving, OJT, teamwork, stakeholder engagement, and coaching, were common success factors at all levels. Most combination-specific processes, including education, seminars and courses, studying manuals and procedures, and strategic planning, were slightly less common in small companies than in medium and large companies.
Interaction of Knowledge Approaches in Different Firm Sizes and Succession Phases
Apprenticeships, in contrast, are typically used at stage 1 in small businesses and are much less common for medium-sized businesses. In phase 2 (Table 4.8), approaches such as mentoring, project work and problem solving, OJT, teamwork, stakeholder involvement, supervision and coaching are common at all levels. Involvement in strategic planning is still less common for medium and large firms than for small firms, although it has become more common than in Phase 1.
Discussion
- Knowledge approaches and the effectiveness of the succession process
- Knowledge creation approaches through the succession cycle Another key finding of the research is that the knowledge creation
- Knowledge creation approaches in firms of different sizes
An unanswered question is how culture affects the role of knowledge creation in the succession process. It also adds insight that the process of knowledge creation changes over the course of the continuum. This is known to limit innovation processes, which are part of the firm's knowledge creation activities (Taneja et al., 2016).
IMPLICATIONS
Knowledge Creation Approaches for Success Through the Phases of Succession
As this table shows, the approaches to knowledge creation are used much more extensively in the early stages of succession preparation (phases 1 and 2). At stage 3 (succession), there are relatively few active knowledge creation approaches in companies of all sizes. In small companies, teamwork and coaching are still part of the knowledge creation process, but these fall away in larger companies.
A Process Model of Knowledge Creation for Successful Succession
CONCLUSION
Conclusion
In relation to objective 1, 16 different approaches to knowledge creation and transfer were identified. At this stage, the successor's knowledge creation addressed both tacit knowledge (for example, the company's social contacts and stakeholder knowledge) and explicit knowledge (for example, academic knowledge). Thus, until the final transitional stage, knowledge creation focused on the ultimate responsibilities of the successor in the company.
Implications
- Academic Implications
- Practical Implications
As this model shows, there are certain knowledge approaches that are central to the successful family business succession. The knowledge approaches also incorporate several types of tacit and explicit knowledge, which are actively transformed during the knowledge creation process. Since a successful succession depends on adequate knowledge acquisition by the successor, planning should consider all these knowledge approaches and how they are used in the company, adjusting the succession plan if necessary to improve the chances of success.
Limitations and Future Research
These knowledge approaches are progressive; for example, successors should be prepared with education and early work experience before taking on more complex roles. This limitation was inherent from the beginning of the study, as it was designed to examine the success case for family firm transition. However, this leaves a clear gap in the findings, as it is possible that firms that are unsuccessful in the succession process use many or most of the same techniques.
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