Multigenerational Transition in Family Businesses: A New Explanatory Model

Abstract

This article presents an explanatory model for transfer of family businesses to following generations. Our research using 10 case studies shows that transfer of family businesses is a lifelong, continuous process, in which the family must address and foster the soft elements of the transfer process: enterpreneurship, freedom, values, outside experience, upbringing, and education. Furthermore, a business family can develop into a family dynasty only when it embraces sound governance as a fundamental principle; that is, the individual family member belongs to the family, which belongs to the business.

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