Successful Succession in Family Businesses : Individual Level Factors and Succession Planning Models.

Abstract: Individual level factors related to the successor have a central role to play in the succession process of the business. When these factors are viewed in relation to succession planning models, these factors have a direct relation to the succession models in terms of success or failure of the succession process. The major contributing factor to the success or failure of the succession process is that of the leadership provided to the organization by the predecessor. These leadership qualities change from one form to another during different phases of the succession planning models.