Family Businesses Management and Succession: A Meta-Analysis

Cultural Specificities of Succession’ Failure and Success in the Context of Unlisted Moroccan Family-Owned Businesses

“…On the one hand, those obtained from surveys mailed to large samples of the target population show that, except the age (Davis and Harveston, 1998;Chan et al, 2020) or sex of the predecessor, it is primarily the presence of a competent successor, demonstrating integrity and commitment to the business, that would ensure that formal planning activities are in place on the part of the predecessor (Sharma et al, 2000). On the other hand, when some have focused on understanding the influence of these same planning activities on the success of the succession, factors related to the quality of the relationship between predecessor and successor and among all family members are the most significant (Morris et al, 1997;Takwi, Bate, and Akosso, 2020). The authors argue that the most successful firms are those where the predecessors took the time to choose their successors and did nothing formal until the relationship between the two was to their satisfaction.…”

“…Hugron (1993a) differentiated between two aspects in the succession process, namely succession management and the transfer of assets. Since then, among the transfers discussed in the literature on succession in family-owned businesses, two types of the process can be identified: ownership and management (Hugron, 1993b;Morris et al, 1997;Takwi, Bate, and Akosso, 2020). Although the two types of transfers do not evolve at the same pace, the model of the succession process developed by Hugron and Dumas (1993) emphasizes how essential the two are, together, to ensure the continuity of family businesses.…”

“…Among the literature consulted, and as summarized in Table 1, research on the process can be divided into four main categories of objectives: to know, understand and explain the process; to identify the factors that can ensure the success of the succession; to understand the interest of children in taking over the succession; and finally, to know and understand the psychological dynamics existing among the main actors involved in the process. Gersick et al, 1997;Handler, 1989;Hugron and Dumas, 1993;Durante, 2020 ▪ Development of numerous models based on life cycles, role-playing, systemic ▪ Identification of two main stages: entrepreneurial and familial ▪ Identification of two processes: management and ownership ▪ Ambiguity in models (business vs. succession) ▪ Models with little empirical verification Identify the success factors of the process Morris et al, 1997;Barach et al, 1988 ;Takwi, Bate, and Akosso, 2020 ▪ Unclear notions of success ▪ Most critical: quality of the interpersonal relationship between predecessor/successor and family members Understand the interest of successors to take over the Barach et al, 1988;Handler, 1989;Stravou, 1999; ▪ The credibility of the successor ▪ Need to prove their abilities ▪ Main limitation: Sample of students who have not yet joined the company. Davis and Harveston, 1999;Dumas, 1989;Friedman, 1991;Pailot, 2000;Chan et al, 2020 ▪ Understanding the influence of family dynamics ▪ Assimilation of certain unavoidable notions, such as equity, patterns, triangular relations, the mourning process, etc.…”

“…Finally, as with planning, it appears that the most critical success factor is the quality of the relationship among all family members (Morris et al, 1997;Takwi, Bate, and Akosso, 2020). However, these success factors have been measured primarily by variables such as trust, communication, shared values, affability, honesty, and mutual respect, all of which are emotional and therefore, by definition, difficult to measure and easily questioned.…”

Succession as a Risk Process in the Survival of a Family Business—Case of Slovakia

“…It is also necessary to take into account education and knowledge, as we found out in this research. If a direct descendant of the owner is not suitable as a successor, the owner may divide the ownership and management of the family business (Morris et al 1997;Takwi et al 2020).…”