Leadership Succession and Privately-Owned Family Businesses: Literature Review

Abstract

An organization's leadership succession can be affected by a variety of circumstances, which may lead to a variety of outcomes. In order to better understand the phenomenon and the elements that lead to favorable or bad CEO succession outcomes, scholars have evaluated the literature almost decennially in order to develop research and practice on CEO succession. There are three types of organizations: publicly traded, political, and privately owned family businesses. More so, from the review argues that privately-owned family businesses (PwFB) succession worth examining. The review serves three purposes. First, a review of the existing leadership succession research in these related but distinct literatures. To the best of the researcher's knowledge, there are limited recent thorough literature evaluations on the essential topic of privately-owned family business (PwFB) leadership succession. Second, develop an integrative conceptual framework (ICF) for privately-owned family business succession that shows potential areas of integration and differences. Third, to critically examine ICF frameworks to identify research gaps. Using a multidisciplinary approach, the study hopes to make the following contributions to the field. First, synthesize the field of leadership succession to identify key research questions for private family businesses. Second, to discover what succession researchers and practitioners can learn from each other.