Financial structure and its impact on the succession of family businesses in the canton Portoviejo, Manabí Province
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Abstract
Family businesses constitute a cornerstone of the economy in Portoviejo, Manabí, reflecting management and succession patterns that directly impact their sustainability and growth. This study aims to deepen the understanding of how the financial structure of these businesses affects their succession processes, using a descriptive and non-experimental quantitative methodology. Through the use of expert-validated surveys and the implementation of informed consent, a representative sample of 141 companies out of a total of 328 registered in the region was analyzed. The findings indicate a pronounced preference for self-financing and the use of advanced financial management tools, denoting a tendency towards financial autonomy and professionalization in administration. The research also highlights the inherent complexity of the succession process, underscoring the importance of prior planning and the involvement of external advisors to facilitate a successful transition. This research emphasizes the need for structured approaches to manage the relationship between financial structure and succession in family businesses, highlighting the importance of adopting proactive and adaptive strategies that promote continuity and success across generations. It concludes with the observation that diversification, effective financial management, and planned succession are essential for business sustainability and success, emphasizing the correlation between experience, company size, and financial performance, as well as the urgency of proactive strategies in the face of scalability challenges and generational transition.
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Jorge Luis Loor-Murillo, Universidad Técnica de Manabí - Ecuador
https://orcid.org/0000-0002-2617-4987
PhD student in Business, Economy and Society at the University of Alicante Spain, Master in Business Administration, Master in Accounting and Auditing, President of Lomucia Cia. Ltda., General Manager of LMJR S.A., General Manager of LCC S.A., General Manager of LIMBER LOOR SAS, Manager of LUBRICANTES LM Jr.
María Fernanda Mendoza-Saltos, Universidad Técnica de Manabí - Ecuador
https://orcid.org/0000-0002-9518-8522
Master in Accounting and Auditing, undergraduate and graduate professor at the Technical University of Manabí, Faculty of Administrative and Economic Sciences, Accounting and Auditing career, former coordinator of the Department of Accounting and Auditing of the UTM, Coordinator of the master's program in Accounting and Auditing of the Graduate School of the UTM
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