In this study, successor-related factors that can inﬂuence the succession process in small and medium-sized family businesses are empirically investigated.This study was undertaken in South Africa among 2,458 owner-managers and successors in 1,038 family businesses. These respondents were identiﬁed via a snowball-sampling technique.A total of 332 usable questionnaires were returned.The dependent variable in this study,namely, the perceived success of the succession process, is measured by two underlying dimensions:satisfaction with the process and continued proﬁtability of the business.The empirical results indicate that the successor-related factors that inﬂuence satisfaction with the process are, on the one hand, the willingness of the successor to take over and the relationship between the owner-manager and successor, on the other hand. The continued proﬁtability of the business is inﬂuenced by the willingness of the successor to take over the business,the preparation level of the successor,and the relationship between the successor and owner-manager.The relationship between the owner-manager and successor is in turn inﬂuenced by the extent to which interpersonal relationships in the family can be described as harmonious.Based on these ﬁndings recommendations for successful succession are offered.
Venter, E., Boshoff, C., & Maas, G. (2005). The Inﬂuence of Successor-Related Factors on the Succession Process in Small and Medium-Sized Family Businesses. Family Business Review, 18(4), 283-303. https://doi.org/10.1111/j.1741-6248.2005.00049.x