Abstract
This quantitative study combines survey data and objective performance data of Swiss small- and medium-sized family businesses that recently completed succession in order to investigate the relationship between a formally hired advisor’s presence and objective post-succession firm performance as well as subjective post-succession satisfaction of incumbent and successor. Our data confirm a strong positive influence of a formal advisor first on the firm performance, and second on the level of satisfaction. Third, we further show that not only the presence but also the way the advisor behaves during the process affects performance as well as satisfaction either positively or negatively.
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