A Conceptual Model of Family Businesses Succession from Corporate Gene Perspective

Abstract

Based on the concept of a “biological legal personâ€, this paper puts forward a new definition of family business: family business is a form of biological organization controlled by family genes. Family genes are the decisive factor for its growth and continuation. The process of family business succession can be regarded as the inheritance of genes. The genes of family business succession are a combination of genetic elements having characteristics of structure, stability, heritability, expressiveness and variability. The process of family business succession includes the mechanisms of genetic heredity and variation.