Common strategies in strategic paradigm of succession in small and medium-sized Korean family businesses

This research explored the relationship between culture and strategic paradigms of succession in small and medium Korean family businesses. In-depth data was obtained by interviewing 10 small and medium Korean family business successors regarding the culture and succession process in their family businesses. The results were used to develop a questionnaire that was completed by 99 Korean family business successors in order to support the interview findings. An additional set of interviews were conducted, and the collected data was coded for analysis. The methodology utilized pragmatic qualitative methods with a mixed approach between interviews and surveys to investigate research questions that focused on the role of culture in family business succession and the strategic value of family culture in family businesses. The study participants' responses provided data that culture may play a strong role in Korean small and medium-sized family businesses in regards to the succession process, the predecessor's role in the business after succession, the desire for the family business to remain within the family, other family members working in the family business, and advantages and disadvantages to working in a family business. The study added to both strategic business and family business literature by connecting the two fields of study. Additionally, this research lays the groundwork for a better understanding of Korean family business culture, which could help U.S. firms doing business with Korean family firms develop business strategies and long-term plans vital to business success in this globalized era. Keywords: family business, strategic paradigm, Korea, United States, culture, international business, succession, globalization.