Abstract
ABSTRACT A large part of the literature shows the difficulty for family firms to be passed onto the next generations. The aim of this research is to determine the importance family SMEs dedicate to succession planning, to define the successor's profile and to detect the main succession concerns they face. Based on a sample of 391 SMEs, the results show that almost half of SMEs will be transmitted within ten years and that 44.81 % have not taken concrete initiatives to prepare and plan the succession process. We find that 25% of SMEs loses its family character during to the succession. The results also show that succession failure results from cash shortage, heavy indebtedness, staff resistance, obsolete production equipment and the strong personality of the CEO. Keywords Family Firm, Succession planning, Failure, CEO succession, successor's profile.
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