Abstract
Family business succession is a key challenge for family firms. On the one hand, it involves several different dynamics and perspectives, and its outcome may compromise the firm’s survival if these factors are not adequately considered. On the other hand, succession can be a source of relevant opportunities for the relaunch and renewal of the business, including the possibility to favor, introduce, and support managerialization and professionalization processes, thanks to the involvement of younger generations. In line with this perspective, in this chapter studies on family business succession are presented and discussed, pointing out that handling succession is essential to face challenges and seize opportunities. The involvement of external consultants and advisors can also play a crucial role in reducing risks associated with the succession process and increasing the business’s chance of surviving in the long term.
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Sentuti, A., Cesaroni, F.M. (2020). The Survival of Family Businesses: The Challenge of Succession. In: Leotta, A. (eds) Management Controlling and Governance of Family Businesses. Contributions to Management Science. Springer, Cham. https://doi.org/10.1007/978-3-030-47741-7_4
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