Family business – the potential for further business development in the Czech Republic

Family business is an important factor in economic development throughout the world, particularly in countries changing from a socialist social-economic model to a market economy model. More than ever in the Czech Republic, where free enterprise had been suppressed for decades, it is a very hot topic, because about 25 years ago new private enterprises were established in these countries, whilst the majority of them were the family type. Now is the time to transfer these companies into the hands of successors and followers of the family tradition of entrepreneurship. At Business School Ostrava there have been prepared on this issue a number of professional and research work. The paper presents the lessons learned by authors that are undervalued in the literature, especially in terms of dilemmas arising from the transition between generations of family firms.