The study of family business succession in large enterprises

The research aims to study/validate family business succession model and key success factors by comparing the theory with real family business succession processes in Thailand. Seven steps of succession plan by Thieanphut along with nine important key success factors by Roongrerngsuke were validated using in-depth interview of seven large family own enterprises such as Imperial General Foods Industry Co., Ltd, Siam 3 E Co., Ltd., Mae-Ruay Snack Food Factory Co., Ltd., Thai Asia P. E. Pipe Co., Ltd., V.P. Plastic Products 1993 Co., Ltd., Hong Seng Knitting Group (Garment) Co., Ltd., and Siam Steel International Public Company Limited. The results suggest that the succession model fit well with the Thai enterprise on the other hand the nine key success factors have a limited usage. Moreover, the researchers have included other key success factors suggested by the business successors in this paper.