Toward an Integrative Model of Effective Fob Succession

Posted: 4 Nov 2009

See all articles by Isabelle Le Breton-Miller

Isabelle Le Breton-Miller

HEC Montreal - Department of Management

Danny Miller

HEC Montreal

Lloyd Steier

University of Alberta - Department of Strategic Management and Organization

Date Written: 2004

Abstract

Succession in family owned businesses (FOBs) isinvestigated in order to discover a more complete model of what it takes for asuccession to succeed, determine trends, develop consensus findings, and fillgaps in the conceptual and empirical knowledge, and suggest areas for futureresearch. A literature review was conducted of over 40 articles and seven books aboutFOB succession written in the last 30 years. The examination of an incumbent asa predictor of successful succession revealed three major themes: therelationship between incumbent and successor, the incumbent's motivation, andthe incumbent's personality and needs. Several elements that lead to successful succession in FOBs were determinedto be: the characteristics of the successor and incumbent, the nurturing anddevelopment of successor(s), family relationships, the passing of power, sharedvision, succession planning, and the presence of a board of directors withstrong outsiders as members. Other important factors that can be controlledwere overlooked in previous studies, such as ground rules, selection,nurturing, and family councils. These factors can play important roles insuccession success. (JSD)

Keywords: Relationships, Skills, Career development, Work experience, Family firms, Succession, Intergenerational transfer, Individual traits, Motivation

Suggested Citation

Le Breton-Miller, Isabelle and Miller, Danny and Steier, Lloyd, Toward an Integrative Model of Effective Fob Succession (2004). Entrepreneurship Theory and Practice, Vol. 28, Issue 4, p. 305-328 2004. Available at SSRN: https://ssrn.com/abstract=1497882

Isabelle Le Breton-Miller

HEC Montreal - Department of Management ( email )

Montreal, Quebec H3T 2A7
Canada
15143407315 (Phone)

HOME PAGE: http://www.hec.ca/profs/isabelle.le-breton.html

Danny Miller (Contact Author)

HEC Montreal ( email )

3000, Chemin de la Côte-Sainte-Catherine
Montreal, Quebec H2X 2L3 H3T 2A7
Canada

Lloyd Steier

University of Alberta - Department of Strategic Management and Organization ( email )

Edmonton, Alberta T6G 2R6
Canada

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