Abstract:

Family business has always played an important role in any economy. As small businesses develop and grow, a question of sustainability arises. To maintain family businesses in the long term it is necessary for them to be passed on to future generations. This process of handover from one family member to another is called succession and in time it naturally becomes part of any family business. Due to historical circumstances this topic has not developed in the Czech Republic in the 20th century, but has become more and more up to date since 2010s. The aim of this paper is to describe the current situation in family business in the Czech Republic, analyse literature available in the Czech context, and analyse how businesses approach succession and issues arising from it.