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• The Role of Elderly Generation in Generational Turnover of Family Farms

  2-13

  Éva Katalin Kovács

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  One of the greatest risks of a family farm is the succession of the farm. It is also backed by the fact that 2/3 of the companies do not survive the generational turnover. However, several farm risk their survival by not planning succession. Predecessors play a major role in the succession process. Thus, the aim of the study is to examine the role of the elderly generation in generational turnover of family businesses based on earlier empirical research. The predecessors continue to play a symbolic role after succession and thus have a profound impact on corporate culture, values and performance. The predecessors have extensive farming experience but are inexperienced in succession. Several of them contemplate on retirement, but few actually get to action. In conclusion, the core benefit of family farms is that, ideally, they remain in the control of a family for generations, thus allowing tens of years of experience and knowledge to be concentrated in the leader. Therefore, we should not forget that the silver generation is worth gold!