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The Effects of Changing Interpersonal Relationships and Ownership on the Succession Process in Family-Owned Businesses

In: Business in a Turbulent Era, Volume I

Author

Listed:
  • Anthea Maria Hajiphilippou

    (University of Nicosia)

  • Leonidas Efthymiou

    (University of Nicosia)

  • Andrew Michael

    (Grand Canyon University)

Abstract

This chapter investigates the impact of business succession and the associated transition on change management in family-owned businesses. By conducting interviews with family business successors and predecessors, the study explores the nuances of the succession process and the implementation of internal changes during this period. The findings highlight the necessity to distinguish between the inclination toward change and the actual implementation of change. Family business successors exhibit a higher propensity for change implementation, yet the success of such implementation depends on various factors, including the visions and ideas of both predecessor and successor, financial considerations, and the successor's human capital. This research contributes valuable insights into the intricate relationship between changing interpersonal dynamics, family ownership, and the succession process in family-owned businesses.

Suggested Citation

  • Anthea Maria Hajiphilippou & Leonidas Efthymiou & Andrew Michael, 2025. "The Effects of Changing Interpersonal Relationships and Ownership on the Succession Process in Family-Owned Businesses," Palgrave Studies in Cross-disciplinary Business Research, In Association with EuroMed Academy of Business, in: Demetris Vrontis & Alkis Thrassou & Leonidas Efthymiou & Yaakov Weber & S. M. Riad Shams & Evangelos (ed.), Business in a Turbulent Era, Volume I, chapter 0, pages 73-94, Palgrave Macmillan.
    • Handle: RePEc:pal:pscchp:978-3-031-89798-6_4
    DOI: 10.1007/978-3-031-89798-6_4
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