nonfamily businesses, which could reveal possible causal relationships to add to existing knowledge. This is crucial for the progression of succession studies, as Bagby (2004) suggests that there is not enough integration of research from CEO successions and FOB successions. He notes that both streams would be better served by looking at research in the other stream, especially as there were few differences in the models underlying the research in FOB succession to that of CEO successions. Further research of the impact of family dynamics on succession was previously suggested; therefore longitudinal studies would provide rich and detailed understandings with high validity in this area. However, there is a lack of longitudinal studies due to the problems a researcher faces when studying the family. Firstly, families may be reluctant to participate in studies because of privacy issues, particularly where conflict is concerned, therefore observing family phenomena can be difficult. Secondly, according to Brockhaus (2004: 171) businesses are unwilling to participate in studies that require several periods of interactions, and if they do, the discontinuance rate is high thus making follow-up work problematic. FIGURE 1. AN INGEGRATIVE MODEL OF MULITPLE STAKEHOLDER OUTCOMES ON SUCCESSION CONCLUSION Due to the prevalence and economic significance of family owned businesses in many economies, family business research on succession has increased greatly over the past two decades. The unique challenge of next generational transfer of the family firm has been widely researched, but this review has attempted to contribute to the progression of the succession knowledge by highlighting some topic areas that are underdeveloped or inadequately explored. This review has three conclusions. One is that the succession process can be explored using three different perspectives: the individual, the organisation, and the family. Family businesses are dynamic with many stakeholders; therefore a multiple perspectives approach is useful to capture the multifaceted reality of family businesses. Second, there are underdeveloped areas of succession that require further research, and these have been highlighted. The methodological implications of researching family businesses have also been discussed. Third, the three perspectives discussed only form part of the many stakeholders involved in the succession process, these can been integrated into a
nonfamily businesses, which could reveal possible causal relationships to add to existing knowledge. This is crucial for the progression of succession studies, as Bagby (2004) suggests that there is not enough integration of research from CEO successions and FOB successions. He notes that both streams would be better served by looking at research in the other stream, especially as there were few differences in the models underlying the research in FOB succession to that of CEO successions. Further research of the impact of family dynamics on succession was previously suggested; therefore longitudinal studies would provide rich and detailed understandings with high validity in this area. However, there is a lack of longitudinal studies due to the problems a researcher faces when studying the family. Firstly, families may be reluctant to participate in studies because of privacy issues, particularly where conflict is concerned, therefore observing family phenomena can be difficult. Secondly, according to Brockhaus (2004: 171) businesses are unwilling to participate in studies that require several periods of interactions, and if they do, the discontinuance rate is high thus making follow-up work problematic. FIGURE 1. AN INGEGRATIVE MODEL OF MULITPLE STAKEHOLDER OUTCOMES ON SUCCESSION CONCLUSION Due to the prevalence and economic significance of family owned businesses in many economies, family business research on succession has increased greatly over the past two decades. The unique challenge of next generational transfer of the family firm has been widely researched, but this review has attempted to contribute to the progression of the succession knowledge by highlighting some topic areas that are underdeveloped or inadequately explored. This review has three conclusions. One is that the succession process can be explored using three different perspectives: the individual, the organisation, and the family. Family businesses are dynamic with many stakeholders; therefore a multiple perspectives approach is useful to capture the multifaceted reality of family businesses. Second, there are underdeveloped areas of succession that require further research, and these have been highlighted. The methodological implications of researching family businesses have also been discussed. Third, the three perspectives discussed only form part of the many stakeholders involved in the succession process, these can been integrated into a
Collins.FOB_Succession_A_Literature_Review.march2011.docx