Succession in Family Businesses: A Qualitative and Resource-Based Analysis

Abstract

Managing succession poses a significant challenge for family businesses. The resource-based view (RBV) is considered a central theory in this context. Familiness refers to the unique set of resources and capabilities derived from the family. However, this concept has rarely been applied to the context of succession. This study develops a model that examines familiness defined by four dimensions of human capital, social capital, process-organizational capital, and financial and physical capital in relation to intra-family succession in family-owned businesses. The results show that familiness has a multifaceted influence on succession, with family relationships constituting a key component. It becomes clear that familiness positively shapes the succession process, particularly through the interplay of all dimensions. However, in addition to familiness, the impact of contextual factors should also be taken into account.

Keywords: familiness; resource-based view; family business; succession; familiness dimensions