Title: The process of succession and its impact on sustainability: an empirical study within family wineries in Cyprus
Authors: Thoukis Georgiou; Demetris Vrontis; Ioanna Papasolomou; Alkis Thrassou
Addresses: Department of Agriculture, Section of Viticulture-Oenology, Limassol, Cyprus ' Distance Learning Unit, University of Nicosia, 46 Makedonitissas Avenue, CY-2417, P.O. Box 24005, CY-1700, Nicosia, Cyprus ' Department of Marketing, School of Business, 46 Makedonitissas Avenue, CY-2417, P.O. Box 24005, CY-1700, Nicosia, Cyprus ' Department of Marketing, School of Business, 46 Makedonitissas Avenue, CY-2417, P.O. Box 24005, CY-1700, Nicosia, Cyprus
Abstract: Undoubtedly, two of the most critical drivers for business competitiveness are innovation and sustainability. Businesses and especially small and medium sized enterprises (SMEs) are facing many challenges in an increasingly dynamic and volatile marketing environment. In such an environment, innovation and sustainability become strategic tools for competitiveness and future development. Faced with major new challenges in a rapidly evolving world market, SMEs operating in the wine sector and especially those that are family-owned, need to reconsider their strategic options in terms of succession, since their unique nature and characteristics pose challenges for their sustainability. Sixteen in-depth semi-structured face-to-face interviews with representatives from six Cypriot family-owned wineries were carried out with the aim of understanding whether family wineries engage in formal and strategic succession planning in order to sustain their market share and foster innovation and growth. The study revealed that succession is a fundamental factor for the sustainability of the family wineries and in general the growth of the Cyprus wine sector.
Keywords: succession process; family-owned wineries; sustainability; innovation; successor; incumbent; case study; small and medium sized enterprise; SMEs; Cyprus.
International Journal of Globalisation and Small Business, 2020 Vol.11 No.4, pp.329 - 355
Received: 26 Apr 2019
Accepted: 19 Sep 2019
Published online: 28 Sep 2020 *