“…While the economic and formal (planned) aspects of succession (Brown & Coverley, 1999;Harveston, Davis & Lyden, 1997;Tatoglu, Kula & Glaister, 2008) have been emphasized in family business succession literature (Lam, 2011), our first contribution is that we focus on the social and psychological nature and dynamics of succession (e.g., Handler, 1994;Lam, 2011;Levinson, 1971) that have received only cursory attention in previous literature. Second, while the concept of psychological ownership has been applied to the context of family firms in general (Bernhard & O'Driscoll, 2011;Mustafa et al, 2015;Ramos et al, 2014) and succession in particular (Mahto et al, 2014;Savolainen & Kansikas 2013, Sund et al, 2015, it is noteworthy that this research has remained on the individual level. Thereby, our contribution is that unlike any earlier study we are aware of, we apply CPO to deepen understanding on the phenomenon of family business succession and its socio-psychological challenges.…”