Law and HRM Challenges in Generational Transition of Family Firms

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Author(s): Emiliano Marchisio (Giustino Fortunato University, Italy)
Copyright: 2022
Pages: 23
Source title: Research Anthology on Human Resource Practices for the Modern Workforce
Source Author(s)/Editor(s): Information Resources Management Association (USA)
DOI: 10.4018/978-1-6684-3873-2.ch080

Keywords: Business Science Reference / Human Resource Management / Human Resources Management / Knowledge Management and Library Science

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Abstract

This chapter examines some of the most relevant HRM problems in generational transition of family firms and proposes a number of legal instruments capable of resolving them. Use of corporations as vehicles to run the family business is examined, also with respect to consequences of this choice in business transition. Definition and “protection” of family roles within the firm are observed. Patrimonial issues are compared to personal issues and their interplay is explained by reference to five different scenarios. Last, the possibility to “select”, so to say, the law applicable to one's succession under Regulation (EU) no 650/2012 of the European Parliament and of the Council of 4 July 2012 is explored. At the end, it is concluded that even if HRM in family business shows informality along with formality in designing business practices, generational transition of family firms requires structuring and needs be planned, appropriately and in detail, in advance.

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Law and HRM Challenges in Generational Transition of Family Firms

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