infonet-economy

Family business succession is a crucial and challenging process, during which incumbents and successors increasingly build on the support of advisors. Based on qualitative data gathered from five small- and medium-sized companies, we aim to explore the different roles an advisor assumes along the four phases – trigger, preparation, selection and training – of the succession process. This study makes three contributions to the literature. First, we outline how the role of the advisor adjusts over time – from an initializer to a process planer to a task supporter to finally that of a coach – and thereby supports him or her in serving both, incumbent and successor. Second, we show how the different roles of the advisor and the corresponding activities affect the emotions of incumbent and successor in each phase of the process either positively or negatively. Finally, we suggest that full role adjustment of the advisor supports the incumbent and the successor in adjusting their own roles which ultimately has a positive effect on the outcome of the succession process.