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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