Description

Family businesses are among the most important contributors to the creation of wealth and employment in the world. Succession is typically a problematic issue and therefore an important topic to address. Substantial research in the field of succession exists in literature, especially on factors related to succession. These studies state that commitment is the most important attribute, successors should posses. The author provides a theoretical framework of succession in family businesses, focusing on factors influencing the succession process, as well as insights into the construct of commitment, which can be divided into different mind-sets (bases). The author seeks to examine the effects of the different bases of commitment in facilitating or impeding succession.