Dynamic management of family businesses succession: an integrated process model

Although the literature on family business succession is rich, we lack practical guidance on how family businesses can dynamically manage leadership succession across generations in response to changing business environments. In response, we present a process model that family businesses can use repeatedly to manage leadership succession while adapting to changing conditions. Grounded in dynamic capability theory, we reviewed family business succession literature to develop an integrated process model of the foundational tasks of organising, strategising, preparing, and implementing leadership succession with specific questions and principles for the activities involved in each task. Family businesses can use the model to create a shared knowledge base about succession management, repeatedly assess and improve succession management practices, and support purpose-driven responses to emerging events. The model contributes a research-based blueprint that family businesses can use to dynamically assess and improve their succession management practices in response to constantly changing business environments.