An update on family firm succession: A systematic literature review and future research directions

Family firm succession has received considerable academic attention, focusing on various topics such as the actors involved, process models, surrounding contexts, and process outcomes. A systematic literature review was conducted to provide updated field assessments. Our analysis identifies two core research streams: succession candidates and process models. We reveal the distinctions between family and non-family succession candidates within four sets of antecedents connected to performance and socioemotional wealth outcomes. In addition, we identified various succession process models that led to different process understandings. By comparing and synthesizing previous studies, we propose a succession process model that incorporates the aforementioned antecedents as vital explanatory variables in the succession process. These antecedents trigger and shape the resulting gatekeeping events between the process phases. We argue that the interrelations among the phases, their content, and their gatekeepers lead to different succession outcomes. Our insights enhance the understanding of successful succession and post-succession outcomes in family firms.