OPPORTUNITIES FOR IMPROVING LOCAL SOCIO-ECONOMIC DEVELOPMENT BY INTERGENERATIONAL FAMILY BUSINESSES

Family businesses are a significant part of the world economy. This type of business has already become an essential source of employment, and its economic relevance affects more than half of the national GDP of many economies around the world. This article's primary purpose is to present evidence related to students' willingness to integrate their parents into their new business and make it sustainable over multi-generations. Thus, we believe that entrepreneurs will have more opportunities to reduce their initial risks by receiving valuable direct support from their families. This study's data has been collected by/in four large universities (one from Bulgaria, one from Romania, and two from Russia) as part of the international INTERGEN project. The study uses a standardized questionnaire for students, translated into each language, which allows for comparative analysis. The relevance of the results obtained is essential for local socio-economic development. Young people need to understand the personal significance and prospects of self-realization when engaged in a family business. Academic research on family business issues can help develop this particular type of entrepreneurship and strengthen the family as an essential institute by increasing family income. Besides, the COVID-19 pandemic has also boosted family businesses' importance as a fortress for survival in times of crisis and unemployment. (C) 2021 Published by European Publisher.