Abstract
This study aims to identify the support practices that enable a successful family business succession process. Using 17 small- and medium-sized family businesses, the authors attempt to analyse the specifics of family business succession processes and identify the support practices appropriate to each phase of the process. The results show that advice and consultation are necessary during the pre-family business succession phase. Furthermore, the results reveal that training is needed to acquire and update knowledge and information during the family business succession phase. Finally, the results confirm that mentoring can ensure social and cognitive transfer in the post-family business succession process. This paper presents a theoretical innovation, as it is the first research study to attempt to understand how supportive practices can contribute to the success of the succession process.
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