Succession in family business: multi-source perspectives

What is it about?

Despite the extensive breadth of research into the critical challenge of succession in family business, generational succession in family business has been investigated from predominately one-dimensional perspective. This study responds to call for a multi-perspectives examination of leadership succession in order to embrace the dynamic and complex nature of succession in a family-business. Accordingly, we investigated the key personal and professional factors associated with effective family-business succession across four key stakeholders: incumbent, successor, family, and nonfamily members.

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Why is it important?

Although much research has been dedicated to family business succession, it has been predominantly studied through the lens of single organizational source, such as incumbents, successors, and nonfamily employees. Therefore, there is still a compelling need to investigate how the different needs and expectations pronounced across different groups in the family business (e.g. incumbents, successors, family and nonfamily members) associated with key determinants of effective generational family business succession. Furthermore, researchers have highlighted the need to conduct a more holistic examination of the various personal and professional mechanisms associated with the success or failure of a family business succession.