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Knowledge management and family succession in real estate

Writes a literature review of approximately 1000 words.
It should break down to introduction // Board context (defining key terms) // Main bodies (key issues and theories) // Conclusion

I attached marking criteria along and it need around 15-20 references using "Harvard Reference System."

The topic is: "How knowledge management helps family business in real estate implement succession and change?"


Solution Preview

In compliance with BrainMass rules this is not a hand in ready Literature Review but is only guidance.

Board Context:
Families that hold real estate, planning for succession is difficult and an important challenge they face. Yet real estate succession planning for families can also be a great opportunity to maximize returns and create a multi-generational institution that holds family's values and mission for generations to come. Knowledge management is efficient handling of information and resources (13). It requires systematic management of a family's knowledge assets for the purpose of real estate succession so that the succession creates value and meets the strategic requirements of the family. For example, succession of real estate may be planned in such a way that tax liability may be minimized. Knowledge management requires the use of initiatives, processes, strategies, and system that sustain and increase the storage, assessment, sharing, refinement, and creation of knowledge (14). For example, if there is knowledge management about real estate owned by a family, succession planning may take place over a horizon of several years and may take into consideration several factors such as the value of the estate, the cash flow from the estate, the management of estate, and its ownership. In contrast, if there is no knowledge management real estate succession may take place out of necessity because of the death or incapacitation of a person. From one perspective knowledge management refers to getting the right knowledge to the right person at the right time (15). In case of family succession in real estate, knowledge relating to several areas is required. Some of these are analysis of family generational ownership issues, gift planning, and transfer restrictions (1). There is need for knowledge management related to family real estate trusts, will relating to real estate, and the formation of limited liability companies (16). For example, knowledge management will reveal if the formation of a Limited Liability Company is appropriate for the formation of the company.
Knowledge management also refers to knowledge sharing, storage, and refinement (10). It is a system that is designed to assist the sharing and integration of knowledge. It refers to living knowledge ...

Solution Summary

The response provides you a structured explanation of knowledge management and family succession in real estate . It also gives you the relevant references.