Succession in family business: multi-source perspectives

Bozer, G, Levin, L and Santora, J 2017, 'Succession in family business: multi-source perspectives', Journal of Small Business and Enterprise Development, vol. 24, no. 4, pp. 753-774.

Document type: Journal Article
Collection: Journal Articles

Title Succession in family business: multi-source perspectives
Author(s) Bozer, G
Levin, L
Santora, J
Year 2017
Journal name Journal of Small Business and Enterprise Development
Volume number 24
Issue number 4
Start page 753
End page 774
Total pages 22
Publisher Emerald Publishing Limited
Abstract Purpose: 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. The purpose of this paper is to respond 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, the authors investigated the key personal and professional factors associated with effective family-business succession across four key stakeholders: incumbent, successor, family, and nonfamily members. Design/methodology/approach: The explanatory research design included 16 interviews in Phase 1 and 41 prospective case study interviews in Phase 2, both with Australian family businesses that had or were about to experience generational transition. Findings: Incumbents and successor interview findings support the benefits of maintaining a cohesive family business, adaptable family culture, and familiness for effective succession. The authors also identified several personal components (e.g. family-business socialization and external experiences) that can help determine the commitment of successors and how this commitment can change once they assume a leadership position. Business size was the professional component supported by incumbent, successor, and nonfamily members as having a significant impact on succession process. As family business grows and becomes more highly complex, a clearly defined set of procedures become imperative. Practical implications: Family-business practitioners can apply the findings to manage the processes and expectations of family and the business to achieve effective generational succession and thereby increase the sustainability of the business. Originality/value: This research provides a coherent and comprehensive understanding of the interdependencies of competing prio
Subject Business and Management not elsewhere classified
Keyword(s) Family business
Generational succession
Leadership transition
Multi-source perspective
DOI - identifier 10.1108/JSBED-10-2016-0163
Copyright notice © 2017 Emerald Publishing Limited.
ISSN 1462-6004
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