engleski

Family Entrepreneurship and the Issue of Transfer of Ownership in Family Businesses

Family entrepreneurship is a specific form of entrepreneurship as it merges both business and family interests. The balance between these two subsystems is crucial for the sustainability and development of family businesses. The issue which is crucial for the continuity, growth and development of family businesses is the transfer of business ownership. Considering the fact that one half of the employed population in the Republic of Croatia work in family businesses, and that an entire generation of company founders is nearing the end of their working life, the issues related to the successful transfer of business ownership and business management to the next generation is becoming an important economic question. In the Republic of Croatia there is no official definition of a family business, nor is there a definition of a family business in the current legislation regulating business entities. According to the available scientific literature, the aforementioned issues have not been sufficiently researched. This paper shall outline the main characteristics of family entrepreneurship, provide the definition of family entrepreneurship, and examine some of the most important characteristics of family entrepreneurship in the Republic of Croatia. Additionally, this paper shall provide an insight into the complexity of the issue of transfer of business ownership and family business management, as well as guidelines for a successful transfer of a family business to new generations.

family entrepreneurship ; sustainable family business ; transfer of ownership ; family business management

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