Passing the Torch: Factors Influencing Transgenerational Intent in Family Firms

Recent family business research has focused on transgenerational intent (TI)—the plan to pass management of the business to future generations—as a defining characteristic of family firms. We theorize that TI is influenced by the current leader's consideration of factors related to three subsys...

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Bibliographic Details
Published in:Family relations 2013-07, Vol.62 (3), p.415-428
Main Authors: Williams, David W., Zorn, Michelle L., Russell Crook, T., Combs, James G.
Format: Article
Language:English
Subjects:
Business management
Economic sociology
Entrepreneurship
Families & family life
family business
Family Businesses
FAMILY DYNAMICS AND BUSINESS WELL-BEING
Family firms
Family Involvement
Family owned businesses
Family relations
Family Roles
female
Generations
Home Management
Influence
Intergenerational Relations
Leaders
Leadership
Management
minority
Minority status
Ownership
Production. Distribution. Advertising
Sex
Sexuality. Marriage. Family relations
Social Capital
Sociology
Sociology of economy and development
Sociology of the family. Age groups
succession
System theory
Systems Approach
Teachers
transgeneration
Values
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Summary:Recent family business research has focused on transgenerational intent (TI)—the plan to pass management of the business to future generations—as a defining characteristic of family firms. We theorize that TI is influenced by the current leader's consideration of factors related to three subsystems (business, ownership, and family) that underlie the family business system. Specifically, we hypothesize that characteristics of the business (the age and size of the firm), the owners (gender and minority status), and the family, specifically the family's engagement in the firm (time until succession and the family's role in advising the CEO) influence the current leader's TI. Results based on a survey of over 700 family-managed firms are largely supportive of our hypotheses.
ISSN:0197-6664
1741-3729
0197-6664
DOI:10.1111/fare.12016