SOME CHARACTERISTICS OF FAMILY COMPANY: A QUALITATIVE STUDY

Considering the characteristics of family business, it is important for stakeholders, especially family members, to manage the succession of the company's leadership. The family must regenerate candidates to the successor of the company from now on. This regeneration can be done through training and development to prospective corporate leaders. This is done to get a replacement leader of the company with a capable capability. Of course, it would be better if the family companies get a replacement family leader from the family. However, even if the family can not afford a successor to a company leader with the capability of a qualified member of the family, it would be better if the company decides to put the professional in the position of the company leader.