ABSTRACT
Involving family members into a business is closely related to preparation of young people for succession in family business. The importance of training in the field of succession intensifies its meaning with increasing age of founders. Slovak family businesses are mostly in a period where the first generational change is in progress or is planned for. According to surveys in only one third of Slovak companies in which generational change takes place, the process is successfully mastered. Underestimating the preparation of succession may mean that the successor does not share the mindset and has not built up sufficient interest to maintain and advance the business. It is necessary to deal with aspects of succession and generational change in family businesses. Subject of our investigation and analysis will be primarily economic, organizational, and legal conditions, training and education that allow family businesses to implement succession and thus ensure their effective development.
