Integration of family-owned business succession with turnover and life cycle models: Development of a successor retention process model |
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| Authors: | Rodger W Griffeth David G Allen Rowena Barrett |
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| Institution: | aCollege of Business Administration, University of New Orleans, 2000 Lakeshore Drive, New Orleans LA 70148 USA;bDepartment of Management, University of Memphis, 101 Wilder Tower, Memphis TN 38152-3520 USA;cDepartment of HRM, De Montfort University, The Gateway, Leicester LE2 9BH, UK |
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| Abstract: | Family-owned businesses face a unique obstacle: continuation of the business through intergenerational transfer. Most family-owned businesses cease when the next generation does not enter the business. This paper develops parallels between failed intergenerational transfer and voluntary turnover. Based on past research, we develop a taxonomy of characteristics hypothesized to influence intergenerational transfer in family-owned businesses. We, then, integrate these dimensions with prominent turnover and socialization theories to propose a successor retention process model. Implications for research are described. |
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| Keywords: | Family-owned business Successful succession Transition of power Intergenerational transfer Heir apparent |
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