Sustaining and growing family business legacies through effective succession: A literature review of prime successor attributes

Abstract

This study was conducted within the context of sustaining and growing family business legacies. Thus, the objective was to extract and document prime successor attributes given that previous studies have focused on succession planning. To achieve this objective, an online document search was conducted using Google Scholar, Researchgate, Web of Science, the EBSCOhost database, Scopus, and Crossref. From the search, 58 documents were retained because they mentioned at least successor attribute or discussed closely succession issues raising an attribute concern. Review results documented nine attributes; seven of which were considered by the authors as prime attributes (business experience, time of involvement, willingness to take over and continue family business based on defined vision, leadership skills, positive family relationship, idealistic family member and trustworthiness) due to their high frequency of appearance in literature, while two (age and education background) were considered by the authors as important but not prime attributes. The study concluded that a blend of these attributes in a successor would cause better results as concerns sustaining and growing a family business legacy.

Keywords

• Sustainability
• Family business
• Successor attributes

References

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