success and longevity
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AbstractWhat do family businesses have to do to survive and thrive? This paper explores management and governance practices associated with family business multi-generational continuity - longer-term success and longevity encompassing both family harmony and firm performance - identified by the family business literature. It is based on a study in two parts that contributes a conceptualization of family business continuity in terms of 7 key factors and 35 main practices that can be used as a tool for understanding, explaining and, possibly, predicting the continuity or otherwise of family firms. In Part 1, a National Survey of Australian family business owner-managers (n=242) was undertaken to determine levels of awareness, acceptance, and implementation of those practices. In Part 2, data were analysed using SPSS for Windows and Partial Least Squares factor analysis establishing relevant construct validity. This research has important implications relating to the development and testing of a theoretical model of family business continuity.