INNOVATION OPPORTUNITIES IN SMEs THROUGH A SUCCESSFUL SUCCESSION AND TRANSFER PROCESS

Innovation Opportunities In SMEs Through A Successful Succession And Transfer Process

Abstract

Purpose - Taking business succession as an alternate entails of embarking on an entrepreneurial undertaking, the objective of this study is to discover those intangible assets that are considered as appealing from the viewpoints of external successors. Thereby, the focal issue is on the groundwork stage in which undertaking businesses are recognised and scrutinised.Design/methodology/approach - The scheme of study behind this paper is the submission of a blended procedures set about that is split up into an internet-mediated questionnaire and a sequence of in deepness meetings (given priority).Findings - The outcome propose that intangible assets have a prominent leverage on the aim of an external successor to conquer a company. This would propose that the customary matters advised with consider to business succession, for example levy, lawful and economic facets, should be expanded to encompass intangible aspects. The outcome are summarized by suggesting a structure for the function of intangibles in external succession, thereby highlighting critical intangibles as seen by external successors.Research limitations/implications - This explorative study is by no entails exhaustive; although it is considered as a precious fundament for farther study undertakings affiliated with the function of intangible assets in periods of business succession, especially external succession.Practical implications - The structure seems to be a precious device for comprehending the significance of intangibles in external business succession in general and especially their leverage on external successors' enterprise acquisition intentions. The outcome are especially advised as cooperative for incumbent-owners who design to deal off their companies.Originality/value - The study's outcome can be examined as a new viewpoint on business succession as it best features the intangible assets that make a business appealing to external successors. Given the expanding number of little to medium-sized enterprises waiting to be moved to new proprietors, these outcome are highly significant as they supply a more holistic outlook of the dynamics of business succession (and external succession in particular).

Table of Contents

ABSTRACT2

CHAPTER I: INTRODUCTION5

Background5

Industry and Trade in Cyprus10

Small and medium enterprises in Cyprus11

Objective of the Research13

Research Questions14

CHAPTER II: LITERATURE REVIEW15

Theoretical background and literature review15

Company succession in SMEs15

Intangible assets21

Economy26

Innovation Strategies of SMEs in Cyprus, a small developing country28

Internal factors that affect innovation30

External factors that affect innovation30

Internal and external factors in the studies31

The barriers approach to innovation policy32

Hypotheses35

CHAPTER III: METHODOLOGY36

Method36

Guiding framework36

Research design37

Quantitative study38

Strategy, management and market orientation40

Barriers to innovation43

CHAPTER IV: RESULTS & DISCUSSION47

Findings47

Qualitative study49

Discussion51

CHAPTER V: CONCLUSION58

REFERENCES66

APPENDIX85

Innovation Opportunities In SMEs Through A Successful Succession And Transfer Process

CHAPTER I: INTRODUCTION

Background

While firms in less developed countries in recent years, within a relatively protected environment, must now confront global forces of competition. The globalization of markets requires companies to adapt to survive. Even small companies introduce new products use higher quality and new technologies. Innovation is a difficult task, especially for companies with little experience and limited resources.

Small businesses in less developed countries also have the responsibility of their size, the limitations of inadequate infrastructure ...