Abstract
This article is the result of the collaboration between fifteen Italian family businesses and the Competence Area on Entrepreneurship and Family Business of MIP, the Business School of the Politecnico di Milano. The research has been framed around a time period of three years and aimed at providing a normative model of best practices for managing the succession process in family businesses. The succession is a key factor that strongly affects the survival of family businesses. However, in spite of this, the extant literature on this topic is fragmented. The model proposed in this article tries to overcome this gap of the literature and offers a systemic view of the succession process and a set of practices for successfully managing it. The formulation of the model is based on an in-depth review of the literature on family business, combined with an empirical study that allowed to validate the literature-based best practices for managing succession and to identify new ones. The multiple case-study research methodology gives scientific validity to the model, although future researches based on quantitative methodologies will be needed in order to support the statistical generalization of the emerged empirical evidenceReferences
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Barnes, L.B. (1988). Incongruent hierarchies: daughters and younger sons as company CEOs. Family Business Review, 1(1), 9-21.
Barnes, L.B. and Hershon, S.A. (1976). Transferring power in the family business. Harvard Business Review, 54(4), 105-114.
Barry, B. (1975). The development of organization structure in the family firm. Journal of General Management, 1, 42-46. 22.
Birley, S., Ng, D. and Godfrey, A. (1999). The family and the business. Long Range Planning, 36(6), 598-608.
Brockhaus, R.H. (2004). Family Business Succession: Suggestions for Future Research. Family Business Review, 17(2), 165-177.
Burkart, M., Panunzi, F. and Shleifer A. (2003). Family Firms. The Journal of Finance, 58(5), 2167-2201.
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Cadieux, L., Lorrain, J. and Hugron, P. (2002). Succession in Women-Owned Family Businesses: A Case Study. Family Business Review, 15(1), 17-30.
Calder, G.H. (1961). The Peculiar Problems of a Family Business. Business Horizons, 4, 93-102.
Carlock, R.S. and Ward, J.L. (2001). Strategic Planning for the Family Business. Parallel Planning to Unify the Family and the Business. Palgrave Publishers Ltd., Houndsmill, New York.
Caselli, F. and Gennaioli, N. (2003). Dynastic Management. National Bureau of Economic Research, working paper 9442, January.
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Corbetta, G. and Preti, P. (1988). La successione nelle imprese familiari. Economia e Management, 2, 123-139.
Correl, R.W. (1989). Facing up to moving forward: A third-generation successor’s reflections. Family Business Review, 2(1), 17-29.
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Danco, L.A. (1982). Beyond survival: A business owner’s guide for success. University Press, Cleveland.
Danes, S.M., Zuiker, V., Kean, R., Arbuthnot, J. (1999). Predictors of Family Business Tensions and Goal Achievement. Family Business Review, 12(3), 241-252.
Davis, J.A. and Tagiuri, R. (1989). The influence of life stage on father-son work relationships in family companies. Family Business Review, 2(1), 47-74.
Davis, P.S. and Harveston, P.D. (1998). The influence of family on business succession process: A multigenerational perspective. Entrepreneurship Theory and Practice, 22(3), 31-53.
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Dunn, B. (1999). The family factor: The impact of family relationship dynamics on business-owning families during transition. Family Business Review, 12(1), 41-55.
Dvir, D., and Shenhar, A. (1992). Measuring the Success of Succession in a Family Business. Family Business Review, 5, 48-66.
Dvir, D. (1993). Succesful Succession in a Family Buisness. Family Business Review, 6, 24-38.
Dyck, B., Maus, M., Starke, F.A. and Mischke, G.A. (2002). Passing the baton: The importance of sequence, timing, technique and communication in executive succession. Journal of Business Venturing, 17(2), 143-162.
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Dyer, W.G. and Handler, W. (1994). Entrepreneurship and family business: exploring the connections. Entrepreneurship Theory and Practice, 19, 71-83.
Eisenhardt, K.M. (1989). Building theories from case studies research. Academy of Management Review, 14(4), 532-550.
Erven, B.L. (2004). Management Succession Issues in Family Business. Available at http://www.fambiz.com/Orgs/Cornell/articles/real/erven.cfm.
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Fischetti, M. (Ed.) (1997). The family business succession handbook. A practical guide to transferring leadership and ownership to the next generation. Family Business Publishing Co., Philadelphia.
Fleming, Q.J. (2000). Keep the family baggage out of the family business. Avoiding the seven deadly sins that destroy family businesses. Fireside, New York.
Fox, M., Nilakant, V. and Hamilton, R.V. (1996). Managing succession in family-owned businesses. International Small Business Journal, 15(1), 15-25.
Frits, R. (1997). Wars of Succession: The Blessings, Curses and Lessons that Family Owned Firms Offer Anyone in Business. Merritt Publishing, Santa Monica.
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Greiner, L.W. (1972). Evolutions and revolutions as organizations grow. Harvard Business Review, July-August, 37-46.
Gubitta, P. (1999). Flessibilità e modelli di governance dell’impresa familiare. Cuoarivista, 2.
Habbershon, T.G., Williams, M. and MacMillan, I.C. (2003). A unified systems perspective of family firm performance. Journal of Business Venturing, 18, 451-465.
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Haynes, G.W., Walker, R., Rowe, B.R. and Hong, G.S. (1999). The Intermingling of Business and Family Finances in Family-Owned Businesses. Family Business Review, 12(3), 225-239.
Holland, P.G. and Oliver, J.E. (1992). An empirical examination of the stages of development of family business. Journal of Business Entrepreneurship, 4(3), 27-38.
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Chrisman, J.J, Chua, J.H. and Sharma, P. (1998). Important attributes of successors in family businesses: an exploratory study. Family Business Review, 11(1), 19-34.
Chua, J.H., Chrisman, J.J. and Sharma, P. (1999). Defining the family business by behaviour. Entrepreneurship Theory and Practice, 23(4), 19-32.
Churchill, N.C. and Hatten, K.J. (1987). Non-market-based transfers of wealth and power: A research framework for small businesses. American Journal of Small Business, 11 (3), 51-64.
Churchill, N.C. and Lewis, V.L. (1983). The five stages of small growth. Harvard Business Review, May-June, 30-51.
Collins, J.C. and Porras, J.I. (2000). Built to Last: Successful Habits of Visionary Companies (3 rd Edition). Random Books, London.
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Corbetta, G. and Dematté, C. (1993). I processi di transizione delle imprese familiari. Mediocredito Lombardo (Studi e ricerche).
Corbetta, G. (1995). Le imprese familiari. Caratteri originali, varietà e condizioni di sviluppo. Egea, Milano.
Corbetta, G. and Preti, P. (1988). La successione nelle imprese familiari. Economia e Management, 2, 123-139.
Correl, R.W. (1989). Facing up to moving forward: A third-generation successor’s reflections. Family Business Review, 2(1), 17-29.
Crego, E.T. Jr. (1996). Motivating your non-family managers. In M. Fischetti (Ed.), The family business management handbook. Family Business Publishing Co., Philadelphia.
Danco, L.A. (1982). Beyond survival: A business owner’s guide for success. University Press, Cleveland.
Danes, S.M., Zuiker, V., Kean, R., Arbuthnot, J. (1999). Predictors of Family Business Tensions and Goal Achievement. Family Business Review, 12(3), 241-252.
Davis, J.A. and Tagiuri, R. (1989). The influence of life stage on father-son work relationships in family companies. Family Business Review, 2(1), 47-74.
Davis, P.S. and Harveston, P.D. (1998). The influence of family on business succession process: A multigenerational perspective. Entrepreneurship Theory and Practice, 22(3), 31-53.
Dunemann, M. and Barrett, R. (2004). Family business and succession planning. A review of the literature. Family and Small Business Research Unit, Faculty of Business and Economics,
Monash University, 1-47. Available at http://www.buseco.monash.edu.au.
Dunn, B. (1999). The family factor: The impact of family relationship dynamics on business-owning families during transition. Family Business Review, 12(1), 41-55.
Dvir, D., and Shenhar, A. (1992). Measuring the Success of Succession in a Family Business. Family Business Review, 5, 48-66.
Dvir, D. (1993). Succesful Succession in a Family Buisness. Family Business Review, 6, 24-38.
Dyck, B., Maus, M., Starke, F.A. and Mischke, G.A. (2002). Passing the baton: The importance of sequence, timing, technique and communication in executive succession. Journal of Business Venturing, 17(2), 143-162.
Dyer, W.G. (1986). Cultural change in family firms: Anticipating and managing business and family transitions. Jossey Bass, San Francisco.
Dyer, W.G. and Handler, W. (1994). Entrepreneurship and family business: exploring the connections. Entrepreneurship Theory and Practice, 19, 71-83.
Eisenhardt, K.M. (1989). Building theories from case studies research. Academy of Management Review, 14(4), 532-550.
Erven, B.L. (2004). Management Succession Issues in Family Business. Available at http://www.fambiz.com/Orgs/Cornell/articles/real/erven.cfm.
Family Firm Institute (2003). Facts and Perspectives on Family Businesses Around the World. Available at http://www.ffi.org.
Fischetti, M. (Ed.) (1997). The family business succession handbook. A practical guide to transferring leadership and ownership to the next generation. Family Business Publishing Co., Philadelphia.
Fleming, Q.J. (2000). Keep the family baggage out of the family business. Avoiding the seven deadly sins that destroy family businesses. Fireside, New York.
Fox, M., Nilakant, V. and Hamilton, R.V. (1996). Managing succession in family-owned businesses. International Small Business Journal, 15(1), 15-25.
Frits, R. (1997). Wars of Succession: The Blessings, Curses and Lessons that Family Owned Firms Offer Anyone in Business. Merritt Publishing, Santa Monica.
Gallo, M.A. (1995). Family businesses in Spain: Tracks followed and outcomes reached by those among largest thousand. Family Business Review, 8(4), 245-254.
Gersick, K. E., Davis, J.A., Hampton, M.M., and Lansberg, I. (1997). Generation to Generation: Life Cycle of the Family Business. Harvard Business School Press, Boston.
Goldberg, S.D. (1996). Research note: Successors in family owned businesses–significant elements. Family Business Review, 9(2), 185-197.
Gordon, G.E. and Rosen, N. (1981). Critical factors in leadership succession. Organisational Behaviour and Human Performance, 27, 227-254.
Greiner, L.W. (1972). Evolutions and revolutions as organizations grow. Harvard Business Review, July-August, 37-46.
Gubitta, P. (1999). Flessibilità e modelli di governance dell’impresa familiare. Cuoarivista, 2.
Habbershon, T.G., Williams, M. and MacMillan, I.C. (2003). A unified systems perspective of family firm performance. Journal of Business Venturing, 18, 451-465.
Handler, W.C. (1989a). Methodological issues and considerations in studying family businesses. Family Business Review, 2(3), 257-276.
Handler, W.C. (1989b). Managing the family firm succession process: The next generation family member’s experience. Doctoral Dissertation, Boston University School of Management.
Handler, W.C. (1990). Succession in family firms: A mutual role adjustment between entrepreneur and next generation family members. Entrepreneurship Theory and Practice,
Fall, 37-55.
Handler, W.C. (1992). The succession experience of the next-generation. Family Business Review, 5(3), 283-307.
Handler, W.C. (1994). Succession in family business: A review of the research. Family Business Review, 7(2), 133-157.
Handler, W.C. and Kram, K.E. (1988). Succession in family firms: The problem of resistance. Family Business Review, 1(4), 361-381.
Harvey, M. and Evans, R.E. (1995). Life after succession in the family business: Is it really the end of problems?. Family Business Review, 8(1), 3-16.
Haynes, G.W., Walker, R., Rowe, B.R. and Hong, G.S. (1999). The Intermingling of Business and Family Finances in Family-Owned Businesses. Family Business Review, 12(3), 225-239.
Holland, P.G. and Oliver, J.E. (1992). An empirical examination of the stages of development of family business. Journal of Business Entrepreneurship, 4(3), 27-38.
Johanisson, B. and Huse, M. (2000). Recruiting outside board members in the small family business: An ideological challenge. Entrepreneurship and Regional Development, 12(4),
353-378. 24
Kets de Vries, M.F.R. (1993). The dynamics of family controlled firms: The good and the bad news. Organisational Dynamics, 21, Winter, 59-71.
Kram, K. (1985). Mentoring at work: Developmentalrelationships in organizational life. Scott, Foresman, Glenview.
Kotler, P. (1992). Family Business Governance. Available at
http://www.familybusinessmagazine.com.
Lansberg, I. (1983). Managing Human Resources in Family Firms: The problem of Institutional Overlap. Organisational Dynamics, 12(1), 39-46.
Lansberg, I. (1988). The succession conspiracy. Family Business Review, 1(2), 119-143.
Lansberg, I. (1997). Making sibling team work. In M. Fischetti (Ed.), The family business succession handbook. Family Business Publishing Co., Philadelphia.
Lansberg, I. (1999). Succeeding generations: Realizing the dream of families in business. Harvard Business School Press, Boston.
Lansberg, I. and Astrachan, J.H. (1994). Influence of family relationships on succession planning and training: The importance of mediating factors. Family Business Review, 7(1),
39-59.
Lansberg, I., Perrow, E.L. and Rogolsky, S. (1998). Family Business as an Emerging Field. Family Business Review, 1(1), 1-8.
Lansberg, I.S. (1996). Twelve tasks in Succession. Build consensus, pick a candidate, and define roles. In M. Fischetti (Ed.), The family business management handbook. Family Business Publishing Co., Philadelphia.
Levinson, H. (1971). Conflicts that Plague Family Businesses. Harvard Business Review, 49(2), 90-98.
Longenecker, J.G. and Schoen, J.E. (1978). Management succession in the family business. Journal of Small Business Management, 16(3), 1-6.
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