How Business Families Manage the Transition from Owner to Professional Management

Abstract

This article summarizes the findings of a qualitative study of twenty large family businesses (above $100 million) from the United States, Europe, and Latin America. The study focuses on family businesses that have successfully completed the transition from founder to professional management, and it identifies many of the emotional and managerial dilemmas that arise as companies move from one generation to the next. The author outlines the specific steps these companies have taken in order to constructively manage succession and continuity.