Is There a Managerial Gap in Case of Business Succession? Answers from an Evolutionary Viewpoint

Abstract

Why does a managerial vacuum in case of inter-family business succession occur? Latest insights of entrepreneurship theory and path dependency are used to address this research question. Employing a co-evolutionary view, the managerial vacuum will be conceptualized from both the macro and micro level. Path dependency opens the perspective to a process-oriented interpretation of causes, effects, and managerial implications concerning a period of high uncertainty but at the same time of high importance for family businesses. First research propositions summarize and condense the findings and serve as a benchmark of ongoing research.

Keywords: Business Succession, Managerial Vacuum, Revitalization, Entrepreneurship Theory, Co-Evolutionary Theory, Path Dependency, SME, Family Business

JEL Classification: M13, M20