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    Knowledge management and family succession in real estate

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    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?"

    © BrainMass Inc. brainmass.com September 27, 2022, 9:49 am ad1c9bdddf
    https://brainmass.com/business/entrepreneurial-issues/knowledge-management-family-succession-real-estate-625539

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    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 used by real estate founders, from strategic to executive and operational level. In short knowledge management has all the necessary tools to help the real estate owner turn information into knowledge (7). Knowledge management helps real estate founders and owners in planning succession (9). Knowledge management keeps real estate owners up to date on various changing laws, it helps reduce succession costs without having to compromise on the value of the real estate, and it helps them better measure the value of their estate and its market value (11). Knowledge management can help improve decision making because the decisions are better informed and can be made speedier by the real estate owner.
    Main Body:
    There are several issues relating to family succession in real estate that can be addressed by knowledge management (2). In succession of real estate there are often multiple children some of whom may not have been directly involved with the running of estate (8). In this context knowledge management makes it easy to find relevant information and resources (12). For example, knowledge management makes it easy to find notes, mortgages, and security agreements. Knowledge management also makes it relatively easy to obtain annual reports for good standing. Real estate owners in the context of succession change the form of holding. Knowledge management enables them to do choice of business entity analysis in the context of their real estate. Knowledge management helps develop and improve shareholder agreements required for succession of real estate (4). In absence of knowledge management decisions related to family owned real estate investments are difficult. Knowledge management encourages early succession planning as a part of estate planning process (6). One of the issues in real estate succession is that the owners have often built the buildings from the ground up. When he properties are running successfully, the motivation for succession planning is low. Knowledge management highlights the need for early planning for succession (5). This makes succession planning smooth and also encourages healthy estate planning. One of the key issues in family succession in real estate is that family members do not have the interest or expertise (3). In such cases, knowledge management highlights the need for recruiting suitable managers early or even partnering with a management company can help smooth family succession in real estate.
    The main theories relating to knowledge management are those that are techno centric with a focus on technology. These increase knowledge creation, and knowledge sharing in real estate succession. From the theoretical perspective the approaches that can be used for clarifying the nature of intelligence in the context of family real estate succession are phenomenological approaches. These approaches range from pure description of real estate and its context to more informed interpretations. These interpretations may be based on experience. Other theories of knowledge management are related to organizational theories which have a focus on how an organization can be designed to facilitate family business in real estate. Also, there are ecological theories with focus on the interaction of people related to family owned real estate with environmental factors as a complex adaptive system similar to natural ecosystem.
    Conclusion: There are several problems and difficulties faced by family succession in real estate. These lead to procrastination in succession planning and decisions are made because of exigencies such as the death of a person or incapacitation of a person. Knowledge management provides an excellent opportunity for efficient handling of resources for the purpose of real estate succession so that the succession is smooth, creates value, and helps achieve the goals of the family.

    Introduction: This is a literature review of how knowledge management can help family succession in real estate. The review first defines the key terms related to family real estate succession, and knowledge management pertinent to the issue. Next, the review identifies the key issues related to the implementation of family succession in real estate. The review also examines knowledge management theories and how they relate to the problem of family succession in real estate. The objective of the review is to demonstrate that knowledge management tools and techniques can smooth family succession in real estate and bring about successful change.

    References:
    1. Reardon, D. (2015). Estate Planning for Family Business Owners. Journal of Financial Service Professionals, 69(5), 19-21.
    2. Collins, L., Grisoni, L., Tucker, J., Seaman, C., Graham, S., Fakoussa, R., & Otten, D. (2016). The modern family business: Relationships, succession and transition. Springer.
    3. Discua Cruz, A., Howorth, C., & Hamilton, E. (2013). Intrafamily entrepreneurship: The formation and membership of family entrepreneurial teams. Entrepreneurship Theory and Practice, 37(1), 17-46.
    4. Jennings, M. M. (2013). Real estate law. Cengage Learning.
    5. Durst, S., & Wilhelm, S. (2012). Knowledge management and succession planning in SMEs. Journal of Knowledge Management, 16(4), 637-649.
    6. Sarabia, M., Obeso, M., & Philpott, E. (2015). IN&OUT Model: Knowledge Management Applied to the Succession Process in Family Business. International Journal of Knowledge-Based Organizations (IJKBO), 5(1), 1-15.
    7. Sultan, N. (2013). Knowledge management in the age of cloud computing and Web 2.0: Experiencing the power of disruptive innovations. International Journal of Information Management, 33(1), 160-165.
    8. Long, R. G., & Chrisman, J. J. (2014). Management succession in family business (pp. 371-387). L. Melin, M. Nordqvist, & P. Sharma (Eds.). Sage Publications: London, UK.
    9. AF Ragab, M., & Arisha, A. (2013). Knowledge management and measurement: a critical review. Journal of Knowledge Management, 17(6), 873-901.
    10. Rollett, H. (2012). Knowledge management: Processes and technologies. Springer Science & Business Media.
    11. Rodrigues, P., Borges, A. P., & Aleixo, A. (2014, September). The Importance of Knowledge Management in the Succession Process of Family Businesses1. In European Conference on Knowledge Management (Vol. 2, p. 826). Academic Conferences International Limited.
    12. Filser, M., Kraus, S., & Märk, S. (2013). Psychological aspects of succession in family business management. Management Research Review, 36(3), 256-277.
    13. Hislop, D. (2013). Knowledge management in organizations: A critical introduction. Oxford University Press.
    14. Holtshouse, D. K. (2013). Information technology for knowledge management. U. M. Borghoff, & R. Pareschi (Eds.). Springer Science & Business Media.
    15. Fuller, S. (2012). Knowledge management foundations. Routledge.
    16. Wiig, K. (2012). People-focused knowledge management. Routledge.

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    © BrainMass Inc. brainmass.com September 27, 2022, 9:49 am ad1c9bdddf>
    https://brainmass.com/business/entrepreneurial-issues/knowledge-management-family-succession-real-estate-625539

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