AN EXPLORATION OF DEMENTIA AS A TOPIC FOR THE FAMILY BUSINESS SUCCESSION PLANNING PROCESS

Abstract

Succession planning is not often considered in family businesses, but a critical incident such as dementia is probable, and raises questions as to what sorts of conflicts may arise when no preparations are made. This exploratory analysis used focus groups and interviews to investigate family business owners? views on succession planning, as well as their views on how a dementia diagnosis can affect family businesses and succession planning. Interpretative Phenomenological Analysis was conducted and extracted three major themes and 12 subthemes. The data showed that most family businesses are unprepared for the possibility that a person in the business could develop dementia. The data also indicated a gap between recognition of the importance of succession planning and actually doing it. Supportive organizations like the Wisconsin Family Business Forum were viewed as very positive resources for family businesses. Further research should investigate differences in family businesses that do not participate in supportive organizations, effective training programs to raise dementia awareness and inform succession planning, as well as effective communication styles for difficult conversation topics.