4
Section 2: The Literature Review
A Review of the Professional and Academic Literature
This qualitative pragmatic inquiry aimed to identify and explore succession
planning strategies in family-owned businesses. This project focused on Stafford et al.’s
(1999) sustainable family business research model. In this literature review, I aimed to
identify and explore prior research on my conceptual framework and succession planning
in family-owned businesses (Kumar & Prameswari, 2018). The target audience was
family-owned business owners and managers of family-owned businesses across various
industries. I organized the literature review into focused areas, including the conceptual
frameworks, family and non-family business, and succession planning strategies.
Succession planning involves preparing for leadership transitions by identifying and
developing potential leaders. This process requires evaluating internal and external
candidates and balancing immediate organizational needs with long-term goals (Hassan
& Bichanga, 2022). Cultivating a mentorship environment, adaptability, and a knowledge
transfer culture ensured a smooth transition and sustained organizational success.
A literature review was a critical tool for refining the focus of a research question.
Researchers used literature reviews to narrow the research topic and justify research
objectives, design, and methodology (Hamilton et al., 2017). I critically analyzed and
synthesized academic and professional resources in this literature review. I used
government websites, peer-reviewed journal articles, and books (including book
chapters). To complete my project, I reviewed and cited 156 peer-reviewed journal
5
articles, professional articles, government publications, and books (including book
chapters). The publication of these sources included in this project was 123 references
dated on or after 2020, within five years of expected CAO approval. The database
retrieved sources included ProQuest, Science Direct, Academic Search Complete,
EBSCOhost, and Sage Premier. The search keywords combined small and medium
enterprises, family business, small business, family small business survival, sustainability
dynamics, sustainability theory, family small business failure, family vs. non-family, and
sustainable family business theory (see Table 1).
Table 1
Literature Review Sources
Source Total n < 5 years old % < 5 years old
Peer-reviewed journal articles 156 123 79
Official governmental sources 1 0 0
Books (including book chapters) 16 4 25
Total references 173 127 74
Sustainable Family Business Theory
The theory I used as my project’s conceptual framework is the SFBT. The SFBT
was introduced by Stafford et al. in 1999 and further refined by Danes et al. in 2008.
Danes et al.’s refinements expanded the original SFBT (Danes et al., 2008; Danes et al.,
2009; Lee et al., 2023). The theory emphasized firm sustainability rather than short-term
6
profit (Stafford et al., 1999). The SFBT focused on families and firms and examined how
family members exchanged resources across systems. According to Stafford et al. (1999),
sustainability was a function of firm success and family functionality. SFBT is
appropriate for my project because I explored generational succession plans to sustain
family-owned SME businesses for future generations.
The sustainability in family businesses requires a comprehensive understanding of
internal dynamics and external influences. Stafford et al. (1999) and Tetteh et al. (2022)
argued that family ecology theory, family resource management theory, and family
development theory provided essential frameworks for analyzing how family roles, risk
factors, and family capital dimensions shape the long-term success of family businesses.
These theories highlight the direct and indirect impacts on business functionality and
resilience (Samara, 2021). These perspectives include the family roles, risk factors, and
direct and indirect impacts of various dimensions of family capital (Mishra et al., 2022).
Ikechukwu and Enudu (2022) posited that researchers should focus on the interplay
between the family capital dimensions that reinforce organizational resilience in a
developed country's political transition context. By applying these theoretical
perspectives, I framed my project.
The SFBT framework brought together multiple theories that support
understanding family functionality within family-owned businesses. This framework
integrates family ecology theory (Bubolz & Sontag, 1993), family development theory
(Rogers & White, 1993), family systems theory (Olson et al., 1979; Whitchurch &
7
Constantine, 1993), and family resource management theory (Deacon & Firebaugh,
1988), creating a comprehensive approach to analyzing family businesses. These
conceptual areas support the SFBT framework and are components of the theoretical
models used in analyzing family-owned businesses. Sabatelli and Bartle (1995) noted a
lack of a unified theory about the family and a rapid increase in measures of family
functioning. The SFBT framework offers a more holistic understanding of business
family dynamics (Duckworth-Chambless & Mathiassen, 2023). Also, it provided a
cohesive model for assessing how family functionality contributed to long-term business
sustainability.
Family Ecology Theory
Family ecology theory provided a unique perspective by focusing on the dynamic
interactions between families and their surrounding environments. This theory views the
family as interdependent with its physical-biological, human-built, and social-cultural
environment (Bubolz & Sontag, 1993). Therefore, grounded in home economics and
general systems theory traditions, family ecology theory emphasizes how families
navigate and manage resources in response to internal and external pressures (Arnold &
Roth, 2024; Whitchurch & Constantine, 1993). Researchers used the theory to focus on
resource management and adaptation, which is crucial in understanding how families
maintain stability and create sustainable environments, whether in personal or business
contexts (Gross et al., 1980). By adopting family ecology theory, scholars are better
equipped to explore the complex interplay between families and their environments,
8
mainly how these interactions influence family business operations and decision-making
(Gunawan & Koentjoro, 2023). This approach highlighted the importance of
environmental factors in shaping family resilience and long-term sustainability.
Researchers used the family ecology theory to analyze the roles of individuals
within family systems. The framework allowed researchers to examine the individual
roles of individuals who constituted the family (Matias & Franco, 2021). Bubolz and
Sontag (1993) stated that family ecological research views individuals as physical-
biological and social-psychological entities organized in a family system and all systems
external to the family system. A limitation of family ecology theory is its highly abstract
theoretical functioning. Arnold and Roth (2024) posited that this abstraction creates an
opportunity to define concepts and more concretely identify the links between concepts.
For example, Roberts and Feetham (1982) used the theory to develop the Feetham Family
Functioning Scale for measuring family functioning. The family ecology theoretical
framework was operationalized to understand family dynamics better, providing insights
that can provide practical interventions.
Family Resource Management Theory
In addition to the SFBT, I am using family resource management in my project.
According to Gross et al. (1980), in 1966, Maloch and Deacon's home management
framework in family resource management was developed in 1940. Ater and Deacon
(1972) introduced the systems approach to studying family resource management.
9
Deacon and Firebaugh (1988) developed the systems model, the most widely used
approach to studying family resource management.
In the model of family resource management, the family system was based on
relationships rather than structure. The family comprises two subsystems: personal and
managerial (Deacon & Firebaugh, 1988; Löhde et al., 2021). The purpose of the personal
subsystem is procreation and socialization of family members. The purpose of the
managerial subsystem is to support family members' development. Inputs from the
family’s external environment are filtered through the personal subsystem to reach the
managerial subsystem. Inputs to the managerial subsystem are demands for action and
resources. The managerial subsystem plans and implements the use of resources to meet
demands. The managerial subsystem and family system outputs were satisfaction and
changed resources.
Understanding how external forces shaped family decision-making was essential
for analyzing family resource management. Deacon and Firebaugh’s (1988) framework
emphasized mechanisms by which the environment influenced family resource-use
behavior. The first mechanism was through the family’s supply of resources and the idea
that societal norms and values heavily influenced the standards used to assess those
resources. The second mechanism is events, unexpected occurrences requiring action,
about which information directly enters plan construction, bypassing goal identification.
The concept of events is related to uncertainty and places control and feedback in
prominent positions.
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The interplay of decision-making and resource management is essential for
families navigating complex environments. The family resource management framework
introduces the dynamic concept of sequencing, which is defined as decisions related to
the temporal and spatial ordering of activities to meet demands (Deacon & Firebaugh,
1988; Kempers et al., 2019). Stafford et al. (1999) contended that the literature on a
family resource predominantly viewed the articulation of goals and the criteria for
evaluating goal attainment as adequate indicators of success. The goal attainment
required balancing multiple goals and aligning resources to meet both short-term
demands and long-term family objectives.
Family Development Theory
Family development theory is used to explain how families change. Early
formulations of the theory suggested that families pass through a predetermined sequence
of life-cycle stages (Stafford et al., 1999). According to Mattessich and Hill (1987), one
criticism of the theory was that various families did not fit into the normative life cycle
that early theorists described. Another criticism was that the theory ignored the historical
timing of significant life events. A third criticism was that the theory did not recognize
the relationship between the family career and the development of other careers, such as
education and work (Stafford et al., 1999, p. 199). To address these issues, White (1991)
asserted that family development had no determined cycle; instead, it is a stochastic
process influenced by unpredictable events, decisions, and changes.
Social and Human Capital
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Social capital refers to the networks, relationships, and social connections
individuals and groups have, providing access to resources, information, and support.
Financial capital was significantly influenced by family firms’ social and human capital
(Mzid et al., 2019). Mzid et al. (2019) argued that family firms’ social capital
encompasses local and international contacts, which play a crucial role in their
operations. Social and human capital are vital to a firm's capacity to absorb shocks,
reallocate resources, and internalize effective practices. Sustainable family business
theorists mainly focused on the interactions among these three capital dimensions. The
interplay among social, human, and financial capital reveals that financial capital
mediates the effects of social and human capital, ultimately enhancing the resilience of
firms (Costa et al., 2022). In addition, international entrepreneurship literature highlights
how international contacts could provide family businesses in crisis with essential social
support (Llanos-Contreras et al., 2021).
Strategic opportunities at the local level were available with the three dimensions
of social capital for sustainable family businesses. Generally, there was a misconception
that family businesses seemed too small and unimportant. However, they were
substantial, with extensive experience in the market, more stability, business heritage
from generation to generation, and accurate economic contributions, making up
approximately 50% of the GDP in Europe (Stafford et al., 1999). For example, 88% of
the companies in Switzerland are under the ownership of families; at the global level,
between 80% and 90% of companies are family businesses (Cioca et al., 2020). By
12
leveraging social capital, family businesses could harness these strengths to overcome
misconceptions and achieve long-term sustainability.
Family businesses differ from non-family businesses in several key ways. The
long-term focus of the family business was a significant strength (Haynes et al., 2021).
The essential factors differentiating family businesses from non-family businesses
included (a) family culture, (b) the social interrelationship between family and enterprise
in economics, (c) management, and (d) sociological frameworks (Mikušová et al., 2020).
Family firms have a unique set of strengths. Barnes and Hershon (2021) stated the
objective to perpetuate the business for future generations’ benefit. Family firms’
strengths promote a long-term vision that allows family firms to undertake profitable
investments that take more time to bear fruit or are considered not worth the risk by firms
with a shorter time horizon. In family firms, patience resulted in freedom to explore
innovative ideas and venture into new markets compared to firms under more pressure to
deliver quick results (Bøhren et al., 2019). Understanding these strengths is crucial for
recognizing family businesses’ competitive edge in today’s marketplace.
Classifying a family business involved several factors, including the percentage of
ownership held by family members. Ownership, management, and strategic control were
critical elements that differentiated families from non-family firms (Alwadani & Ndubisi,
2019). Most definitions specified that a family holds a dominant ownership position,
often interpreted as owning more than 50% of the shares or capital (Mikušová et al.,
2020). However, some definitions lack clarity on the exact thresholds or the nature of
13
family control, leading to inconsistencies in how family businesses are classified. This
lack of specificity can result in varying legal and operational challenges for family
businesses. Understanding these nuances is vital for policymakers to create regulations
that accurately reflect the unique dynamics of family-owned firms.
Family businesses were recognized for their ability to make swift, sustainable
decisions in dynamic environments, primarily due to how familial influences shaped their
organizational identity. This distinctiveness had drawn scholarly interest (Aladejebi,
2021). The cornerstones of a family business were emphasized by the business's family
(Mikušová et al., 2020). The uniqueness of this enterprise had been attributed to the
impact of familial dynamics and the congruence between the business strategy and the
family's core values. The family's fervor for the business was a key performance indicator
that catalyzed dedication and achievement. Additional noteworthy characteristics
encompassed an articulated family governance framework, a profound emotional
attachment to the organization, and a steadfast commitment to ensuring business
continuity for subsequent generations (Goel et al., 2014). To enhance business
performance, family business leaders strategically leverage innovative resources such as
a strong family brand and the collective experience of family members. A family
business is characterized not necessarily by its size or the percentage of the stake owned,
but, most importantly, by the family's voting rights over the business (Cioca et al., 2020).
Leveraging innovative resources enhanced immediate business performance and built a
solid foundation for sustained success and resilience in the future.
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Family business leaders faced several challenges despite their recognized
contribution to employment in the local working population. Existing studies have shed
light on conflicts in a family-owned business, challenges related to performance, and
successor nurturing. For example, a failure rate of 30% was reported through the second
generation of successors, 13% through the third generation of successors, and 3% beyond
the third generation of successors (SCORE Association, 2022, December 23).
Researchers suggested that the high failure rate experienced during the first and
subsequent cycles was attributed to inadequate business transitioning from one generation
to another. Understanding how family businesses transitioned between generations was
essential to assessing the succession planning processes in family-owned SMEs (Kiwia et
al., 2019; Saymaz & Lambert, 2019). Implementing robust succession strategies could
enhance the longevity and resilience of family businesses, ensuring their continued
contribution to the economy.
The degree of family control and influence over the business represented what
made the family business unique. The degree of family control dictated the power of
family influence over the company; Michael-Tsabari et al. (2020) noted that the
dimension of power was a direct tool of family control over the business. The recent
literature revealed a positive association between family control and performance studies.
Barontini and Caprio (2006) analyzed 675 family businesses from 11 European countries
over ten years. Over six years in Spain, the researchers found that family involvement
15
was much more important than the ownership structure; the researchers concluded that its
role in the business influenced its performance (Mikušová et al., 2020).
Family businesses faced several challenges despite their recognized contribution
to employment in the local working population. Existing studies shed light on conflicts in
a family-owned business, challenges related to performance, and successor nurturing.
Researchers suggested that the high failure rate experienced during the first and
subsequent cycles was attributed to inadequate business transitioning from generation to
generation (Aladejebi, 2021). Understanding how family businesses transition between
generations is essential to assessing the succession planning processes in family-owned
SMEs (Kiwia et al., 2019). Implementing robust succession strategies can enhance family
businesses' longevity and resilience and ensure their continued economic contribution.
The degree of family control and influence over the business represents what
makes the family business unique. The degree of family control dictates the power of
family influence over the company. Michael-Tsabari et al. (2020) noted that the
dimension of power is a direct tool of family control over the business. The recent
literature reveals a positive association between family control and performance studies.
Recognizing how family control shaped business dynamics was crucial for appreciating
family-owned enterprises' distinctiveness and potential success.
Family influence positively affects firm growth and is vital for family firms
during regular economic times. Miroshnychenko et al. (2020) found that family firms, on
average, had a higher growth rate than non-family firms. This positive effect was
16
significantly more substantial in countries with superior institutional environments.
Miroshnychenko et al.'s (2020) findings highlighted that family influence significantly
determines firm growth. Recognizing these influencing factors allowed family firms to
tailor their strategies and maximize their growth potential in varying economic contexts.
Family-owned businesses represented a significant portion of the U.S. small business
landscape. Lumpkin & Bacq (2022) posited that of 28.8 million small businesses in the
United States, 19% were family-owned businesses, defined as any business in which two
or more family members operated the company, and the majority of control lay within the
family. This data underscored the need to understand the specific obstacles they
encountered. Calabro et al. (2021) explained that family-owned businesses encountered
five challenges: (a) setting compensation and benefits, (b) company culture, (c)
separating business from pleasure, (d) generational problems, and (e) succession
planning. Understanding these challenges was crucial for developing tailored strategies to
support the unique needs of family-owned businesses.
Family Business vs. Non-Family Business
Family-owned businesses and non-family firms were the cornerstones of
societies. Researchers noted that family firms were the backbone of these economies
(Aladejebi, 2021). The researchers focused on the unique characteristics of family firms.
Researchers argued the resiliency of family employees and family firms' sustainability
during turbulent times (Aladejebi, 2021; Ater & Deacon, 1972). Family firms had
17
distinctive characteristics, and this project was drawn from the SFBT in developing a
series of research propositions.
Effective succession planning and financial management were critical to the
longevity and success of family-owned businesses. Family business researchers explored
the importance of cash flow, profitability, and savings in supporting family business well-
being, satisfaction, success, and survival (Al Rawaf & Alfalih, 2023). Business continuity
and succession were essential to many successful family businesses (Freiling & Pöschl,
2023; Haynes et al., 2021). In current literature, I examined the importance of family
member commitment, including daughters (and sons) in the succession plan, and
technical skills in successfully transitioning a business to the next generation (Bohren et
al., 2019; Woodfield et al., 2017). A successful business transition often requires family
businesses to adapt new strategies to changed conditions (Porfírio et al., 2020; Renuka &
Marath, 2023), including children and other family members in the succession plan and
technical skills in successfully transitioning a business to the next generation. A
successful business transition often requires family businesses to adapt new strategies to
changed conditions (McAdam et al., 2023). Family-owned businesses that invested in
financial stability and comprehensive succession planning were better positioned to
navigate the complexities of generational transitions.
Succession was a delicate process that required careful planning because of the
family firms' specific nature. Family firms' structures and functions created unique
strengths and weaknesses (Baltazar et al., 2023). Their main power came from the
18
family's commitment to the business and ability to leverage the environment's resources
(Arif et al., 2022; Lohde et al., 2021). The values of the owner’s family often became the
business's values. Clan culture was prevalent in family-owned enterprises, emphasizing
loyalty and tradition (Bakiewicz, 2020; Bertschi-Michel et al., 2021). This cultural
framework could pose difficulties for external individuals seeking to integrate and thrive
within such organizations. Therefore, adopting these values to maintain relevance in the
marketplace was essential, fostering an inclusive environment that allowed non-family
members to feel engaged and connected to the business (Michael-Tsabari et al., 2020).
Successful succession planning requires leaders to communicate the company's values to
all employees and family members.
Family business owners needed successful strategies for transferring ownership to
the next generation. These strategies would withstand the test of time and keep the
interest of the next generation of family business owners (Bokhari et al., 2020). The
implementation process was not an issue with family firms. According to Fendri and
Nguyen (2019), the challenge of the transfer process was to preserve the firm's strengths
while avoiding possible mistakes because of emotionally charged decisions. The first
generation kept the firm within the family ties, yet separated emotions and inspired the
next generation with its mission statement in sustainability (Jasir et al., 2022). To secure
a successful transition, family business leaders developed forward-looking strategies that
inspired future generations, avoided emotionally charged mistakes, and ensured the firm's
long-term sustainability.
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The resource-based framework offered a valuable lens for examining competitive
advantages in family businesses, particularly during succession phases when strategic
knowledge transfer became critical. Estensoro et al. (2022) highlighted that family
businesses from similar industries often relied on unique resources, and the careful
transfer of these assets significantly impacted their competitive edge over time.
According to Moczydłowska and Kowalewski (2019), competitive advantage was closely
linked to successfully transferring strategically valuable knowledge across varying
business environments to the next generation. From a resource-oriented perspective,
competitive advantage was conceptualized as realizing scarcity or Ricardian rents based
on these valuable, rare resources (Brito, 2022). The resource-based perspective
illuminated how family firms sustained competitive advantage by safeguarding and
transferring valuable resources across generations, setting them apart within their
industries.
Essential resources, such as demand, scarcity, and the ability to efficiently
manage resource allocation, influence a business's success. In this context, the concept
that businesses have unique resources suggests limitations on competitive interactions,
which include benefits linked to first-mover advantages and strategic measures that
protect profit margins (Cirik & Makadık, 2023). Resource immobility, or limited
mobility, could enable a particular firm to preserve unique economic advantages, as such
resources were challenging for competitors to relocate or duplicate. This project explored
these resources' value, emphasizing how family-owned enterprises generate value,
20
particularly during succession periods when leadership and assets are transferred to the
subsequent generation. Understanding how family-owned firms safeguarded these assets
during succession showed how they uniquely sustained competitive advantages across
generations, reinforcing their market position.
When investigating the value of identified resources, the criteria relevant to the
research are related to the value creation of family firms. Researchers were specifically
interested in the different transaction costs and the transfer of valuable resources from
generation to generation (Chang et al., 2021). The types of resources and the transaction
atmosphere were relevant in this context. Intangible resources such as knowledge were
highly suitable for competitive advantage realization (Assensoh-Kodua, 2019). In long-
lived family businesses, prior generations transfer deeply embedded tacit knowledge,
values, and culturally grounded practices from generation to generation. A characteristic
of such knowledge was its difficulty moving to other settings due to its context-specific
and experiential nature (Rockwell, 2019). These dynamics informed strategies for
sustainable family business growth during succession phases.
Inter-generational knowledge transfer (IGKT) plays a crucial role in maintaining
the continuity of valuable knowledge within family businesses. IGKT refers to tacit
knowledge that is challenging to transfer, requiring time-consuming learning processes
through practice (Conz et al., 2023). This difficulty can lead to knowledge oddity and
often results in a preference for internal successors, better positioned to acquire relevant
tacit knowledge through lifelong learning processes initiated in childhood (Costa et al.,
21
2022). Family business researchers have explored factors that contributed to successful
knowledge transfer and the longevity of businesses (McDougall et al., 2019). Effective
management of IGKT ensures the continuity of valuable knowledge and enhances the
resilience and competitive advantage of family businesses in an ever-changing market
environment.
The effectiveness of succession training in family businesses hinges on various
external and internal factors. Successor training outside the family business is enhanced
by various external factors, including robust professional networks, intrinsic motivation,
and exposure to a broader business landscape characterized by diverse organizational
cultures and environments. Such external experiences could significantly augment the
successor’s skill set and perspective, equipping them to contribute innovative insights and
expertise upon their return to the family enterprise (Hasan & Bichanga, 2022). This
environment, commonly called a “transaction atmosphere,” encompasses the external
conditions and cultural factors influencing successors’ professional experiences and
educational opportunities beyond the family business.
Family businesses face unique challenges in sustaining success across
generations. Creating a supportive transactional atmosphere allows successors to gain
critical insights and skills, which they can later apply to strengthen the enterprise
(Famiola & Wulansari, 2020). Another factor essential to the longevity of family firms is
the successful transmission of core values and knowledge across generations. Succession
training was instrumental in achieving this transfer, ensuring continuity and adaptability.
22
Research indicated combining value continuity with structured succession training could
significantly bolster family firms' resilience and sustainability (McDougall et al., 2019).
Family firms could better manage their challenges and opportunities by fostering a
culture that prioritizes these elements.
The integration of education and socialization within family businesses
significantly enhanced their capacity for value transfer and long-term sustainability.
Rydyalova and Antloya (2020) showed that education and socialization were the
principal ways of transferring values, and longevity was an asset that strengthened the
family firm. Further, social resources, such as personal relationships that bind together
members of an organization and relationships that link organizational members to other
external sources of human capital, were essential for value creation in a specific context
(Haynes et al., 2021). Effective isolating mechanisms could prevent other actors from
imitating it if a company built socially complex tacit knowledge embedded in the
organization. Family businesses accessed social networks, fostering knowledge
development (Famiola & Wulansari, 2020). Integrating social capital into the business
structure ensured long-term success and innovation, positioning family firms as adaptable
and enduring organizations in their respective industries.
Generational involvement in family businesses could lead to both innovation and
tension. Younger generations often introduced new ideas, such as adopting modern
technologies, which improved business operations. However, founding members might
resist change and often prefer to maintain established practices (Klaczak, 2023). This
23
reluctance to change could frustrate younger family members, who might feel restricted
in their efforts to advance the business. In managing these challenges, each generation
had to acknowledge the unique perspectives and skills the other brought. Encouraging
'active listening,' where individuals heard and fully understood each other's viewpoints,
supported effective communication and collaboration. Prata et al. (2020) described
techniques that helped develop active listening skills, which could help bridge
generational differences and promote cooperation. Family businesses navigated internal
conflicts and encouraged long-term growth by fostering mutual understanding and
leveraging each generation’s strengths.
Traditions were a frequently invoked but rarely defined construct in management
theory. Research deemed traditions as patterns of belief, customs, and symbolic practices
transmitted from generation to generation. Traditions emerged as a central concept in
management research on organizational culture several decades ago and have reappeared.
Suddaby and Jaskiewicz (2020) posited that traditions were foundational to successful
family businesses. Family business success and longevity were believed to be directly
correlated with the capacity to successfully manage traditions’ creation, maintenance, and
intergenerational transmission (Lee et al., 2023). Understanding and effectively managing
traditions supported the identity and culture of family businesses and played a pivotal
role in their long-term success.
Recent studies in family business research have underscored the significance of
traditions as a pivotal element affecting organizational identity and institutional practices.
24
Investigations within organizational identity and institutionalism elucidated how
traditions informed family enterprises' values, behaviors, and continuity. Consequently,
this aspect has emerged as a critical focus for scholars exploring the determinants of
long-term business success and stability (Levesque & Subramanian, 2022). Traditions
helped describe the uniqueness of innovation in family businesses and how firms
managed their brand identity.
Traditions, defined as established practices and beliefs transmitted across
generations, represented a form of analogical reasoning. Rather than resisting change,
family-owned business leaders functioned by synthesizing customs and innovation,
effectively navigating transitions. This hybrid framework enabled traditions to serve as a
conduit, reframing potentially radical or disruptive changes into gradual, evolutionary
advancements consistent with the organization's historical context. Analyzing the
disparity between the innovative practices of family businesses and their narratives
surrounding innovation could elucidate whether these enterprises were authentically
innovative or more predisposed to uphold existing norms (Magasi, 2021). Leveraging
traditions enabled family businesses to navigate the complexities of innovation while
ensuring that their core identity and values remain intact, essential for sustaining long-
term business success.
In contrast, family businesses might have been based on their R&D investments
and innovated as much or more than their corporate counterparts. Erdogan et al. (2020)
professed that family businesses discussed their innovative practices differently from
25
non-family firms. Rather than trumpeting a new product, approach, or process as a radical
departure from the past (i.e., a disruptive innovation), the ethos of family businesses was
to make legitimate such agency as a form of continuity with the past, as an incremental
extension of the enduring legacy of the founder (Magistretti et al., 2020). Thus, rhetorical
history focused on how the innovation was explained across generations, dampened the
degree of change, and allowed the firm to mask change as continuity.
Family businesses encounter a unique challenge in balancing their historical
identity with adapting to contemporary demands. This tension is especially pronounced
as these firms often prioritize the founder’s values, beliefs, and vision, which could
hinder their ability to embrace necessary changes (Jahmurataj et al., 2023; Meyer, 2022).
While all firms faced challenges in balancing continuity with adaptation, family
businesses were particularly affected due to their commitment to honoring founding
principles, often resulting in a preference for stability over innovation—a phenomenon
known as the “innovation paradox” (Calabrò et al., 2021; Cruz & Justo, 2020).
Consequently, pursuing innovation within family businesses required carefully balancing
respect for tradition with the willingness to evolve in response to market demands.
Historically, researchers viewed family businesses as less innovative than their
non-family counterparts, not due to a lack of capability but to a substantial deference to
tradition (Sasaki et al., 2020). Recent studies, however, challenged this perception,
suggesting that family firms possessed robust innovation potential, though their approach
to innovation was often shaped by a conservative stance on risk and investment (Erdogan
26
et al., 2020). A meta-analysis revealed that family firms faced relatively few constraints
in achieving innovative outcomes. However, they tended to allocate fewer resources to
innovation than non-family firms, reflecting a cautious approach driven by long-term
growth and stability (Cruz & Justo, 2020; Mihaylov & Zurbruegg, 2021). Recognizing
these dynamics was essential for developing strategies that fostered innovation while
preserving the values and continuity integral to the family business identity.
An important insight in family business research was that founders and family
owners often approached governance differently, impacting firm performance. Founders,
for instance, may have required fewer financial incentives due to their intrinsic ties to the
business and lower susceptibility to socioemotional wealth distractions (Bouncken et al.,
2020). Using Bayesian regression analysis on a panel of 335 S&P 500 firms, researchers
examined how these governance differences in family-owned enterprises influenced
organizational outcomes. This approach was particularly well-suited to family businesses.
Bayesian regression enabled the integration of prior knowledge on governance
structures—including the unique dynamics of family ownership and founder influence—
while incorporating empirical data from the firms under study. By capturing complex
relationships and accounting for the tensions between tradition and innovation, this
method provided nuanced insights into how family ownership structures specifically
affected performance.
Additionally, research by Mzid et al. (2019) highlighted the role of family
capital—encompassing human, social, and financial resources—in fostering resilience
27
within family-owned firms. Through semi-structured interviews with managers of four
Tunisian family firms, Mzid et al. explored adaptive strategies employed during Tunisia's
2011–2014 political revolution, marked by significant economic disruption. These
findings emphasized the adaptive capacity inherent in family businesses, showcasing the
impact of family-centered resources on sustaining operations amid volatile conditions.
Together, these studies underscored the value of tailored governance structures and
family capital in reinforcing family-owned enterprises' resilience and long-term success.
The revolution created uncertain conditions that jeopardized the continuity of
family businesses, necessitating prompt actions to protect their operations. As a result,
organizational agility, the capacity to swiftly adjust to evolving circumstances, and
resilience, the ability to recover from adversities, emerged as essential factors for survival
and success (Nwuke et al., 2020). Nwuke et al. (2020) found that businesses capitalized
on family capital to maintain resilience amid political and economic turmoil. Human
capital, encompassing the knowledge and skills possessed by family members, enabled
these enterprises to respond rapidly to emerging challenges. Social capital, derived from
familial and community networks, offered vital support and resources during crises,
while financial capital, including retained earnings or savings, provided a buffer against
economic shocks. This dependence on family capital highlighted the distinctive position
of family businesses in withstanding external pressures and underscored the critical role
of adaptability in the context of political instability. Family businesses operating in
28
volatile environments could enhance sustainability, ensure continuity, and achieve a
competitive advantage by prioritizing resilience and agility.
Effective governance frameworks were crucial for family enterprises, as they
established a basis for competitive advantage and differentiation by reconciling wealth
preservation objectives for future generations with family- and business-focused goals
(Nwuke & Adeola, 2023). Parada et al. (2020) noted a consensus among scholars and
practitioners that governance mechanisms in family businesses were fundamentally
different from those in non-family firms, attributable to the distinctive characteristics of
family enterprises, particularly their emphasis on long-term vision. Researchers
contended that family businesses should implement robust governance structures to
navigate the complexities inherent in their dual systems: the familial and the business
(Chrisman et al., 2017).
Business challenges frequently pertained to the organization and management of
administrative functions, including supervision, control, and monitoring. These issues
were mitigated through governance mechanisms that involved structuring the top
management team and establishing an effective board of directors, essential for ensuring
strategic oversight and accountability (Patrick et al., 2022). This governance framework
was applied to family-owned and non-family enterprises; however, its implications were
particularly pronounced within family businesses. In such firms, governance mechanisms
helped navigate the complexities of managing business and familial interests, which
might intersect and occasionally conflict. For instance, the top management team in a
29
family business might have comprised family members and non-family professionals,
resulting in a distinctive dynamic that necessitated careful equilibrium. Additionally, the
board of directors in family firms often assumed a dual function: steering business
strategy while safeguarding family values and legacy. Effective governance in this
context could mitigate potential conflicts and promote a professional, objective approach
to decision-making, thereby assisting the family business in sustaining operational
efficiency and familial cohesion across generations.
Family issues necessitated the implementation of governance mechanisms that
promoted cohesion, cultivated a shared vision, and mitigated conflicts among family
members. Effective family governance structures included family meetings, councils, and
formal documents that outlined specific rules within family constitutions (Bouncken et
al., 2020). Current literature introduced four main governance mechanisms in family
firms: family council, board of directors, executive committee, and family constitution
(Rothwell, 2022). These mechanisms served as essential frameworks for managing
family dynamics and ensured the long-term sustainability of the business.
Family-Centered Non-Economic Goals
Research on family-centered non-economic (FCNE) objectives explored how
family firms prioritized stakeholder engagement and adapted intentional organizational
practices, forming a foundation for sustainable longevity in family-owned SMEs.
Alwadani and Ndubisi (2019) created ten guiding principles emphasizing three family
involvement: ownership, management, and intergenerational participation. They
30
suggested incorporating non-family members through purposeful organizational practices
to enhance the firm's ability to meet FCNE objectives, especially in environmental
sustainability. Outcomes related to these objectives might have been moderated by
factors such as psychological ownership, ecological awareness, and individual
mindfulness (Adams, 2022). Additionally, Alwadani and Ndubisi (2019) identified key
drivers and contextual factors for achieving FCNE sustainability goals, offering valuable
insights for family business owners and managers committed to advancing environmental
sustainability within similar organizational structures.
Entrepreneurship and Family Business
In recent years, entrepreneurship and family business studies have been conducted
separately. Nevertheless, some researchers have studied the intersection of these two
fields, giving rise to family entrepreneurship research (Aldrich et al., 2021). Moreover, an
individual’s entrepreneurial intentions were positively related to personal attitudes toward
entrepreneurial behavior, subjective norms imposed by the external environment, and
perceived behavior control (Cardella et al., 2020).
Family businesses often prioritize family interests over economic goals, hindering
entrepreneurial growth. A strategic focus on integrating entrepreneurial principles into
the succession process was essential for sustainable development. Family businesses
often exhibited a conservative and risk-averse nature, leading to a scenario where family
interests could overshadow the firm's economic interests, potentially constraining the
entrepreneurial attitudes of collaborators (Porfirio et al., 2020; Gomez-Mejia et al., 2020).
31
Aldrich et al. (2021) and Cardella et al. (2020) argued that family business succession
was considered from an entrepreneurial process perspective. These dynamics highlighted
the need for a deeper exploration of corporate entrepreneurship theories, which offered
promising avenues for understanding the intersection between entrepreneurship and
family business theory, particularly concerning succession (Miroshnychenko et al.,
2020). Recognizing these dynamics was crucial for developing strategies that balanced
family values with the entrepreneurial drive necessary for sustainable growth.
Succession processes were compared to corporate entrepreneurship movements
that start a company from nothing by developing and recreating an existing family
business (Washington, 2022). However, dominant entrepreneurship and family business
theories have neglected these situations (Aldrich et al., 2021). Differences in the attitudes
and motivation of entrepreneurs (successors) to start new ventures (succession) offered
an essential indicator of the probability of success of those ventures. The family business
theory and entrepreneurship theory could build a bridge for families. Researchers likened
differences in motivation for succession to those between two groups of entrepreneurial
ventures: necessity (push) entrepreneurship and opportunity (pull) entrepreneurship
(Xavier & Coutinho, 2020). Necessity entrepreneurship was generally considered
business creation in the face of limited alternatives. Necessity entrepreneurs begin
businesses because they have lost their jobs or work options. People often turn to this
entrepreneurial approach because of difficult circumstances or when they have no other
options, according to Elmo et al. (2020).
32
On the other hand, opportunity entrepreneurship was generally thought of as
business creation when there was an entrepreneurial opportunity. Opportunity
entrepreneurs usually opt to voluntarily leave a job to create their own job through self-
employment to pursue a market opportunity or simply their interests (Adams, 2022).
Although different factors affected these two types of entrepreneurship, empirical studies
confirming the observations of Mura (2020) showed a positive difference in the survival
probability of entrepreneurial ventures developed by opportunity entrepreneurs compared
to those produced by necessity entrepreneurs.
International Entrepreneurship
Transnational ties significantly enhanced a family business's strategic renewal by
identifying international opportunities. Research on international entrepreneurship
explored the benefits of transnational ties in the family business's strategic renewal by
identifying international opportunities (Ali et al., 2019). The study assured family firms'
managers that family resources could enhance their ability to cope with environmental
turbulence. Managers encouraged family members who worked in the business to build
enduring trust with their external partners, an essential source of organizational resilience
(Riar et al., 2021). Family members tapped into their relationships with foreign partners
to identify and access strategic opportunities locally that would constitute an alternative
solution to their local market decline (Allioui et al., 2021). Family firms integrated
domestic and international relationships into their strategic planning.
33
Succession Planning
Research on succession typically emphasized leadership, power transition,
generational conflict, communication, and the existence or absence of a formal
succession plan. Nonetheless, much of the existing literature was fragmented, often
relying on descriptive case studies or limited qualitative samples (Elmo et al., 2020;
Chang et al., 2021). Consequently, scholars have advocated for a more in-depth
exploration of the dynamics inherent in the succession process to achieve a more holistic
understanding (Aldrich et al., 2021; Alradhi et al., 2020; Miroshnychenko et al., 2020). In
particular, it was advisable to research family-owned entrepreneurial enterprises, as these
organizations frequently encountered distinct succession challenges. They might not have
possessed formal succession plans due to their entrepreneurial emphasis on growth and
innovation rather than long-term stability (Larino & De Los Santos, 2023). Furthermore,
family-owned entrepreneurial firms often faced intensified tensions between the desire to
maintain family control and the necessity to adapt to rapid changes in the business
environment, rendering their succession dynamics exceptionally intricate (Alradhi et al.,
2020). Gaining insight into these factors could enhance succession planning and promote
sustainable growth within these family-owned businesses.
Family businesses were vital and integral to society’s economic growth
worldwide. The Score Association reported that only 30% of family-owned businesses
survived from the first to the second generation and only 12% from the second to the
third (Score Association, 2022, December 23). However, 47% of owners expecting to
34
retire in the next five years had no successor. A lack of succession planning significantly
contributed to business failure, as nearly half of the retiring owners had not appointed a
successor (Arambhan & Seetharaman,2022). This highlights the importance of early
decision-making regarding the future of the business, whether that involves passing it on
to the next generation or exploring alternative exit strategies (Arslan, 2022; Udidmkit et
al., 2023). Although family firm owners were not legally required to pass their businesses
to the next generation, failure to plan for succession could jeopardize the firm's future and
economic contribution (Nandlal & Kumar, 2020). Proactive planning was essential for
family businesses to ensure longevity and continued economic contribution, particularly
in light of the low generational survival rates.
Moreover, family business owners may have varying preferences regarding
continuing the business within the family, as they may possess alternative personal or
professional aspirations (Washington, 2022). Should they retain the business within the
family, current proprietors should have adequately prepared the younger generation for
succession (Stock et al., 2023). Actively involving younger family members in daily
operations and educating them on financial matters could facilitate their readiness for
future leadership roles (Tomaszewski et al., 2020).
Given the significance of the business as a valuable asset, it was imperative to
evaluate the potential implications of estate (death) taxes. Fortunately, the U.S. federal
estate tax exemption was considerable, amounting to $11.18 million per individual in
2019, effectively double for married couples. However, it was essential to note that
35
numerous states imposed their estate taxes, which might not have corresponded with the
federal exemption. For example, in 2018, the estate tax exemptions in Massachusetts and
Oregon were limited to $1 million. Consequently, it was essential to plan for state estate
taxes to mitigate financial burdens that could jeopardize business continuity. Business
proprietors were advised to collaborate with an estate planning attorney who could offer
expertise in mitigating estate tax liabilities and safeguarding the ongoing operation of the
business (Umans et al., 2018). Estate planning held particular significance for family-
owned enterprises, as tax responsibilities could impose considerable financial pressure
during the transfer of ownership to subsequent generations. An estate planning attorney
could assist in formulating strategies, such as gifting shares or establishing trusts, to
alleviate estate tax burdens and preserve the business as a sustainable asset. By
proactively addressing the implications of estate taxes, business owners could facilitate a
more seamless transition, ensuring financial stability and continuity for future
generations.
Family businesses’ characteristics and management practices played a pivotal role
in determining the success of succession. As far as family business research was
concerned, the characteristics of family businesses and their management also influenced
the success of succession (Kechli, 2023). A “relationship charter” development included
insights, for example, mutual goals for relationship effectiveness, family role
expectations, conflict resolution, and mediation (Lohde et al., 2021). In contrast, the
agreement on the mode of succession was one factor that might explain successful
36
executive succession (Dyck et al., 2002). LeCounte (2022) stated that negotiations
between family members determined gross revenue and perceived success in family
businesses. Smooth succession processes usually benefited from successors' willingness,
the definition of the founder's and successor's roles, and effective succession planning
(Lu et al., 2021) and contributed to sustainable corporate innovation. These elements
could drive business sustainability and innovation by allowing the company to thrive
across generations.
The success of a succession plan was challenging due to the complex and
multifaceted nature of succession. Smooth succession processes usually benefit from
successors' willingness, the definition of the founder's and successor's roles, effective
succession planning (Nandlal & Kumar, 2020), and contribution to sustainable corporate
innovation. Smooth succession was considered a prerequisite for long-term success and
sustainability for family businesses (Kerzner, 2023). However, it was difficult to predict
success in family business succession because of the difficulty in defining success and
the many variables used to measure it (LeCounte, 2022). Family businesses also grappled
with the complexities of defining and measuring success to enhance their sustainability
and operational longevity.
Succession was a pivotal process for the strategic renewal of family enterprises
(Mihotic et al., 2023). Although succession planning was anticipated, effective
forecasting necessitated a comprehensive understanding of the succession processes
specific to family businesses (Fendri & Nguyen, 2019). Furthermore, it was imperative to
37
investigate the institutional, economic, social, and legal contexts surrounding family
businesses (Lario & De Los Santos, 2023). These contextual elements significantly
influenced a family business's resilience, affected by its capacity to adapt to change and
thrive in challenging situations (Umans et al., 2018). The evidence presented highlighted
succession's intricate nature and importance within family businesses. Mihotic et al.
(2023) asserted that succession transcended a mere routine transition; it constituted a
strategic renewal vital for ensuring the business's longevity. Fendri and Nguyen (2019)
indicated that while succession was anticipated, a more profound comprehension of the
dynamics involved in succession was essential for enhancing predictability. Lario and De
Los Santos (2023) stressed considering external factors—such as regulatory and
economic conditions—influencing succession processes. Additionally, Umans et al.
(2018) illustrated how these contextual factors could either fortify or undermine a
business's resilience, ultimately affecting its ability to adapt and prosper in adversity.
These insights suggested that effective succession planning in family businesses relies on
internal preparedness and a nuanced understanding of the broader environmental context
in which the business operates.
Family business owners were encouraged to devote more attention to relationship
issues and relatively minor estate and tax planning (Ng et al., 2021). A relationship
charter was suggested to be developed to strategically manage relationships within the
family, such as relationships handled with suppliers or customers (Onukwugha et al.,
2020). Suggestions were also made for further research, and the study's limitations were
38
noted (Michael-Tsabari et al., 2020). Researchers were encouraged to explore
relationships among the exogenous variables in the research model between the
preparation levels of heirs and family relationships (Ferrari, 2021). Further, the issue of
success and failure in second-and third-generation businesses warranted greater attention,
including identifying critical failure and success factors and determining differences in
failure rates for family—versus non-family—owned enterprises and isolating the reasons
for such differences (Botella-Carrubi & González-Cruz, 2019).
Business sustainability represented a strategic approach aimed at ensuring the
enduring viability of an organization. According to researchers, companies were
anticipated to encounter escalating competitive pressures and an increasing necessity for
adaptability (Zelčāne & Pipere, 2023). The volatility of markets and the emergence of
new threats compelled organizations to respond swiftly to safeguard their prosperity and
continuity (Mikušová et al., 2020). Family enterprises operated with unique objectives
and characteristics influencing their business strategies (Aladejebi, 2021). While financial
sustainability remained a primary goal, family businesses were frequently driven by non-
financial objectives reflecting their commitment to social responsibility, manifested
through their operational practices (Mahto et al., 2019).
This evidence underscored family businesses' dual emphasis on financial stability
and social responsibility. Zelčāne and Pipere (2023) and Mikušová et al. (2020)
emphasized the challenges that organizations encountered in sustaining long-term
viability in the face of competitive and unpredictable market conditions, thereby
39
highlighting the necessity of adaptability as a strategic imperative. Aladejebi (2021)
asserted that family firms were uniquely positioned because their objectives extend
beyond mere profit, incorporating family values and a long-term vision. Furthermore,
Mahto et al. (2019) elucidated that financial aspirations were often intertwined with non-
financial motivations, such as social responsibility and legacy creation. For family
businesses, this broader perspective enhances sustainability by promoting economic
resilience and a positive impact on the community, ultimately bolstering the
organization's reputation and long-term stability.
Family business succession was complex due to the intertwining of family
relationships and business ownership, requiring careful management to ensure business
continuity and family harmony. Mahto et al. (2019) further stated that these aspects of
shared identity, mutual awareness, emotional involvement, and ambivalence towards
family members exhibited in the family businesses were due to bivalent attributes directly
derived from family overlap ownership and management status. A family component in a
family business makes balancing the founder, family, and business interests challenging
(Ferrari, 2023). A previous study by Handler (1994) stated that succession was not
simply a single step of handing the baton; the multistage process existed over time,
beginning before heirs entered the business. The evidence underscored that family
businesses faced unique pressures compared to non-family enterprises. The emotional
complexity and overlapping roles made decision-making and succession planning more
40
difficult within the family. Effective succession requires identifying a capable successor
and addressing family dynamics, business performance, and long-term planning.
Differentiating between ownership and management roles during succession was
critical for ensuring the long-term success of family businesses. Buckman et al. (2020)
mentioned the need to differentiate between ownership and management in the
succession process. Succession was achieved in two ways: transfer of ownership
(ownership succession) and transfer of management responsibility (management
succession; Magrelli et al., 2022). The distinction between ownership and management
roles during succession was critical for the sustained success of family enterprises.
Buckman et al. (2020) highlighted the necessity of differentiating these roles
within the succession framework. Succession could manifest in two principal forms: the
transfer of ownership, referred to as ownership succession, and the transfer of
management responsibilities, known as management succession (Magrelli et al., 2022).
Essential considerations in this context included identifying the individual who would
inherit ownership, determining the appropriate timing for the transfer, and devising
effective strategies to facilitate the transition to the new incumbent. The ownership
dimension of succession planning was closely associated with inquiries regarding the
alterations that the transition would entail, the timing of when the new owners would
assume responsibility for outcomes, and the methodologies employed to assess those
outcomes regarding management roles within the context of succession planning.
41
There were many ways in which a combination of ownership and management
arrangement could work well for a family. Specific functions could be shared differently
by family members who had expertise in that function; the rest could be transferred over
to non-family professional managers (Gimenez-Jimenez et al., 2021; James et al., 2022).
Distinguishing between ownership and management during succession allowed family
business owners to achieve more balanced and strategic leadership transitions. This
approach promoted stability, preserved family control, and leveraged external expertise to
enhance business operations, ensuring family harmony and business success.
Effective succession in family businesses requires carefully transferring
leadership and the founder’s tacit knowledge, including key relationships and networks,
to the second-generation successors. Martini and Dewi (2020) determined that these
successors often viewed themselves as more capable than the incumbents, which could
lead to conflicts if the value of the founder’s experience was overlooked. Michael-
Tsabari et al. (2020) underscored the significance of successors' acquisition of tacit
knowledge, particularly the robust guanxi (relationships) cultivated with suppliers and
customers over time, as a critical factor in the success of the transition process.
Furthermore, Gagné et al. (2021) posited that the next generation's involvement was
essential for maintaining leadership continuity. Rovelli et al. (2021) further emphasized
the necessity of a systematic approach to succession planning, which equips successors
with the requisite skills, experience, and credibility for effective leadership. Without such
preparation, the transition might encounter challenges, potentially jeopardizing valuable
42
relationships and destabilizing the business. Consequently, family enterprises had to
establish a comprehensive succession plan that prepared successors to take on leadership
roles and enabled them to inherit the intangible assets crucial to the organization's
success.
Research indicated that younger generations operating under Western
management paradigms were being educated on the principles of Chinese leadership,
thereby acquiring a nuanced understanding of the advantages and disadvantages inherent
in both management styles (Ng et al., 2021). Nevertheless, these emerging leaders
frequently faced challenges in reconciling the two methodologies. They benefited from
the guidance of first-generation founders, who were influenced by Western management
practices and had structured their family enterprises according to comprehensive Western
models (Haynes et al., 2021). Prominent Western multinational corporations, such as
Apple, Google, and General Electric, exemplified the disciplines and strategies necessary
to grow and expand family businesses. Both older and younger generations
acknowledged the significance of “professionalizing” the family business to maintain
competitiveness and promote development. The principal distinction between their
approaches was that the older generation generally adopted a more traditional
(collectivist) perspective, whereas the younger generation tended to embrace a more
Westernized viewpoint.
Corporate Social Responsibility and FCNE
43
Survival was the biggest challenge facing family SMEs, forcing them to achieve
the ability to sustain longer. Evidence showed that family involvement in business
positively impacted family SMEs' sustainable survival. Ahmad et al. (2020) examined the
impact of owner-family involvement in firms on the sustainable survival of family SMEs.
The primary challenge confronting family-owned SMEs was their survival, which
compelled them to cultivate the capacity for long-term sustainability. Empirical evidence
suggested that the involvement of family members in business operations had a favorable
impact on the sustainable survival of family SMEs. Ahmad et al. (2020) explored the
influence of owner-family engagement on the sustainable longevity of family SMEs,
providing empirical support for the mediating role of SMEs’ corporate social
responsibility (CSR) in this context. Their findings indicated that CSR played a partial
facilitative role in this relationship. Nevertheless, promoting FCNE objectives could
prove challenging in gaining acceptance from non-family stakeholders within the
business, often leading to resistance (Alwadani & Ndubisi, 2019). This study aimed to
elucidate the socio-psychological mechanisms that could aid in realizing FCNE goals by
juxtaposing existing literature on family businesses with mindfulness and psychological
ownership theories.
Scholarly investigations have underscored the significance of promoting family
engagement and intentional organizational practices in pursuing FCNE objectives.
Empirical evidence suggested a correlation between family involvement, mindful
organizing, and the environmental sustainability aims of FCNE. Specifically, family
44
engagement directly influences ecological sustainability, while mindful organizing might
mediate this dynamic. Psychological ownership, environmental sensitivity, and individual
mindfulness were anticipated to moderate the relationship between mindful organizing
and ecological sustainability objectives. Ahmad et al. (2020) demonstrated that active
participation in social initiatives contributed to a firm's long-term viability, highlighting
the critical role of effective family involvement in business contexts.
Regardless of location, family-owned businesses often encounter operational
challenges that transcend geographic boundaries. Balthazar et al. (2023) explored within
a defined geographic context, utilizing data from family-managed and controlled
enterprises; however, their conclusions were relevant to family firms on a local scale. The
findings yielded insights that were generalized to encompass all varieties of family-
owned businesses (Balthazar et al., 2023). By concentrating on a specific geographic
area, the study effectively captured context-dependent dynamics, including cultural and
regulatory influences that affected the operations of family businesses. Despite its
localized focus, the results provided significant insights applicable to family firms
worldwide. The universal relevance stemmed from family enterprises' everyday
challenges, such as succession planning, governance, and the need to reconcile family-
oriented objectives with business goals. Understanding these dynamics across various
geographic and cultural contexts enabled family firms in different regions to identify
parallels and adapt the findings to their distinct situations, thereby enhancing the broader
45
relevance of this research for promoting the sustainability and success of family
businesses.
The research explored family-owned enterprises within an Islamic context,
highlighting the significance of investing in social initiatives, human development, and
environmental sustainability through mechanisms such as zakat (almsgiving), sadaqat
(voluntary charity), and various forms of donations (Ahmad et al., 2020). The results
indicated that family firms could gain advantages by implementing stakeholder-oriented
competitive strategies, engaging in socially responsible practices, fortifying their
community relationships, and enhancing their business resilience (Ahmad et al., 2020).
The sustainable longevity of these firms was intricately linked to effective family
governance, commitment, enrichment, and a successful succession process, with CSR
identified as a crucial avenue for achieving these objectives. Implementing effective
family governance, commitment, enrichment, and a strategically designed succession
process were critical components that collectively contributed to the sustainable survival
of an organization through the execution of CSR initiatives.
Innovation Processes
The internationalization and innovation processes may have triggered resistance
within the family business. Family firms had relatively more difficulty taking risks and
investing in industries outside their original core business scope. Fendri and Nguyen
(2019) explained that family firms' succession was not detached from the ongoing
business process. Under current economic conditions, economic agents struggled to
46
exploit existing opportunities. Also, the risks associated with the international arena and
the innovation processes should have been considered. Innovation and
internationalization became relevant strategies for family firms' continuity and success.
King et al. (2022) explained that organizational culture evolved through family firms'
ongoing dynamic intergenerational interaction. Previous literature had examined the
nexus between family corporate culture and entrepreneurial orientation (EO) but had
ignored the moderating role of generational involvement in this relationship.
Competing Values Framework
Researchers employed the competing values framework to investigate the
influence of generational involvement on family businesses. This framework facilitated
examining how clan and hierarchical cultures impacted entrepreneurial orientation (EO)
in a quantitative analysis involving 106 small and medium-sized family enterprises
(SMEs). The findings revealed that no singular cultural pathway effectively fostered the
development and sustenance of EO in long-established family firms (Fendri & Nguyen,
2019). Fendri and Nguyen (2019) highlighted that this research offered significant
insights into innovation and internationalization within family businesses. Their study
evaluated the propensity of firms to embrace such strategies, pinpointing specific
business behaviors shaped by the distinctive characteristics of family enterprises. Data
were gathered through questionnaires to ascertain how particular attributes of family
firms either promoted or impeded innovation and internationalization initiatives. The
analysis incorporated responses from 154 participants representing family businesses and
47
employed multivariate statistical techniques, including factorial and correlation analyses,
to elucidate the relationship between innovation and internationalization in these firms.
The results outline a classification of family businesses’ innovation and
internationalization strategies and the motivational factors that influence them. However,
the study's impact was somewhat constrained due to the absence of a comparative
analysis with non-family firms, which could have enriched the contextual understanding
(Fendri & Nguyen, 2019).
There was a need for customized innovation and internationalization strategies
within family firms, as their distinct cultural and generational dynamics significantly
influenced their expansion and adaptation processes. Fendri and Nguyen (2019)
illuminated the heterogeneity within family firm cultures—particularly regarding clan
and hierarchical structures—demonstrating how these cultural orientations affected their
entrepreneurial orientation. While the study offered a valuable typology of strategies
pertinent to family firms, the lack of comparative data with non-family firms restricted
the conclusions' generalizability. Future research that included non-family firm data
could provide a more holistic perspective on how the structural characteristics of family
firms uniquely facilitate or inhibit growth strategies within a broader business context.
Family Organizational Culture and Entrepreneurial Orientation
There was a call for additional empirical investigations into how hierarchical
culture influenced the establishment of professionalization and family governance
mechanisms and their implications for the sustainability of entrepreneurial family firms.
48
King et al. (2022) posited that clan culture likely promoted higher levels of EO when
only one generation was involved. In contrast, hierarchical culture bolstered stronger EO
when multiple generations were engaged within the firm. This observation highlighted
the critical need for family firms to adapt their cultural frameworks to sustain long-term
EO, particularly considering generational diversity (Canovi et al., 2023). Such adaptation
reinforced the principles of formalization and control systems within family firms,
accentuating their significance in maintaining entrepreneurial orientation over time.
Family businesses had distinctive characteristics that set them apart from other
enterprises. Fendri and Nguyen (2019) articulated that their research did not aim to
distinguish family firms from other types of enterprises but rather to elucidate the
distinctive characteristics of family businesses. Fendri and Nguyen’s study aimed to
furnish insights that could facilitate the management of family enterprises while
highlighting the specific challenges these firms encountered. Fendri and Nguyen offered
significant insights into family businesses' unique challenges, including risk aversion and
the difficulties associated with disentangling familial interests from business imperatives.
The research emphasized that a diminished inclination towards risk-taking, often
stemming from the family's pursuit of stability, might impede business growth.
Furthermore, the limited participation of non-family management could hinder
innovation and expansion. At the same time, the intermingling of family and business
elements could complicate decision-making processes and restrict growth potential. The
existing body of literature explored the interplay between family business dynamics,
49
innovation, and internationalization, with specific studies explicitly investigating the
interrelations among these factors within the context of family enterprises. Family
businesses possessed intrinsic advantages in terms of stability and continuity, but these
same familial dynamics could constrain their adaptability in rapidly evolving markets.
A diminished inclination towards risk-taking might adversely affect the
performance of family-owned enterprises. Furthermore, the limited engagement of non-
family management and the difficulties in distinctly delineating family and business roles
could hinder growth opportunities. Various studies explored the strategies employed by
family businesses regarding innovation and internationalization, while others analyzed
the interplay between these two processes within the context of family firms. The
research conducted by Fendri and Nguyen (2019) explicitly explored the impact of family
dynamics, such as generational involvement, emotional connections, and collaborative
decision-making, on the management and evolution of family businesses. By
concentrating on the distinctive environment of family firms, this study elucidated how
these internal dynamics affected the organization's capacity for innovation and its
strategies for internationalization, thereby identifying both advantages and limitations
that influenced its growth trajectories.
Transfer of Management
Effective succession planning in family farms involves gradually delegating
managerial responsibilities and recognizing the value of diverse, off-farm experiences in
preparing successors. Kiwia et al. (2019) explored how the transfer of managerial control
50
was facilitated through progressively significant responsibilities assigned to younger
family members, thereby equipping them for future leadership. Interviews with
prospective successors in Arusha City, Tanzania, revealed that many incorporated
external experiences— “short-term diversions,” which significantly shaped their
managerial development and readiness. This combination of on-farm roles and outside
exposure broadened the skill set of future leaders, which was essential for navigating the
complexities of modern agricultural SMEs. These findings challenged traditional
succession models emphasizing continuity through gradual, on-farm task delegation
alone (Rydvalova et al., 2020). Exposure to off-farm environments equipped successors
with competencies that enhanced their adaptability and resilience, preparing them to meet
evolving industry demands. In acknowledging the strategic importance of experiential
learning beyond the farm, the study advocated for succession planning that merged
traditional practices with a broader perspective. Such an approach contributed to the
long-term sustainability and viability of family farms, ultimately supporting the resilience
of the SME agricultural sector. Future research could explore how these alternative
pathways impacted the adaptability and growth of family farms across diverse cultural
and geographical settings, offering insights into best practices for SME-based succession.
Sustainable Family Business and Family Therapy Theory
Resilience was critical in maintaining an entrepreneurial culture across
generations within family businesses. This notion was rooted in sustainable family
business and contextual family therapy theories. Hanson et al. (2019) provided empirical
51
evidence for a theoretically informed methodology to elucidate the fundamental relational
processes within families. Data were gathered from various sources, including parents
and an adult child, employing various methods such as videotaped team interviews
focused on business decision-making and individual follow-up interviews. This
multifaceted approach facilitated the coding of verbal exchanges and emotional
interactions, emphasizing aspects of relational ethics, fairness, and justice in familial
relationships. Examining observable family behaviors yielded insights into the underlying
resilience processes within the family, particularly regarding the equilibrium of giving
and receiving in familial interactions over time. These resilience processes played a
significant role in ensuring the sustainability of the business across generations by
nurturing robust, ethical relationships that promoted adaptability and long-term
commitment (Kwame & Petrucka, 2023). This framework provided essential insights into
how family dynamics and ethical interactions are foundational to the resilience necessary
for the continuity of family businesses across generations.
Relational Ethics and Family Ledger
Relational ethics and the notion of the family ledger were pivotal in influencing
entrepreneurial culture, which had the potential to evolve across generations. A more
equitable family ledger, indicative of greater resilience as a protective factor, facilitated
access to various forms of family capital—financial, human, and social—bolstering and
sustaining an entrepreneurial culture over time (Dieleman & Koning, 2020). Hanson et al.
(2019) examined this equilibrium to elucidate the concept of family resilience,
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characterized as the ability to adapt to change or adversity, and its significance in the
transgenerational transfer of entrepreneurial culture. In large organizations, owners were
generally positioned to oversee managers effectively. Scholars have identified notable
distinctions in ownership styles, with family owners often pursuing socioemotional
objectives alongside firm performance goals, unlike founder owners, who concentrate
primarily on performance metrics (Ahmad et al., 2020). Afridi et al. (2024) posited that
family owners might provide additional incentive compensation to hired CEOs to attract
non-family executives. This strategy not only conveyed a commitment to sound
governance but also sought to enhance overall firm performance by aligning incentives
with the distinct family-oriented objectives of the firm.
Direct and Indirect Impacts of Family Capital
The resilience of family firms was posited to be significantly influenced by three
core dimensions of family capital: social, human, and financial. These dimensions were
anticipated to affect a firm's capacity to adapt, innovate, and respond to various
challenges (Mzid et al., 2019). A qualitative study involving semi-structured interviews
with four managers of Tunisian family firms, conducted in the aftermath of the political
upheaval from 2011 to 2014, indicated that social capital—encompassing both local and
international networks—was the most pivotal factor in enabling these firms to navigate
external disruptions (Llanos-Contreras et al., 2021). The research further established a
close interrelationship between financial capital and social and human capital
dimensions, highlighting the synergistic effects of these three family capital forms. This
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qualitative approach facilitated a multifaceted examination of family resilience,
establishing a foundation for subsequent investigations.
A quantitative study could evaluate the relative significance of the human, social,
and financial dimensions in fostering resilience within family firms (Porfírio et al., 2020).
The findings presented by Llanos-Contreras et al. (2021) elucidate how individual-level
stability, derived from family capital, contributes to enhanced corporate resilience in
family enterprises. The dynamic interactions among social, human, and financial capital
fortified the firm's resilience and offered a valuable framework for sustainable practices
within family businesses. These interactions are particularly relevant for theorists focused
on sustainable family business models, as they imply that cultivating robust social
networks and internal knowledge can enhance financial stability. Future research that
quantitatively investigates the direct and indirect effects of each dimension of family
capital would provide a more nuanced understanding of the configurations that optimize
resilience, thereby assisting family businesses in achieving long-term sustainability. The
study by Llanos-Contreras et al. (2021) specifically explored the role of family capital in
bolstering resilience among family firms during political instability in Tunisia from 2011
to 2014. Their findings underscored the significance of social, human, and financial
capital in enabling these firms to withstand external challenges, with social capital
(comprising local and international connections) identified as the most critical element.
Additionally, Porfírio et al. (2021) advocated for a follow-up quantitative study to
investigate further the direct and indirect influences of the various dimensions of family
54
capital on resilience. Suggesting that such an approach would yield a more
comprehensive understanding of the adaptive capacities of family firms.
The interplay among the three dimensions of family capital—social, human, and
financial—presents a particularly compelling area of inquiry for scholars focused on
sustainable family business practices (Llanos-Contreras et al., 2021). This interplay is
noteworthy as it illustrates how each form of capital can mutually reinforce and enhance
the others, thereby establishing a solid foundation for resilience. Social capital,
characterized by networks and relationships, offers external resources and support, while
human capital imparts the knowledge and skills necessary for adaptability. Financial
capital facilitates growth and stability, which are frequently bolstered by social and
human capital contributions. Future research endeavors could investigate each
dimension's direct and indirect effects to ascertain the optimal configuration of family
capital that maximizes resilience. Gaining a deeper understanding of this synergy would
yield valuable insights into how family businesses can strategically utilize their
distinctive capital structures to achieve sustainable success, particularly in challenging
circumstances.
Transition and Summary
In this doctoral project, I explored the succession strategies leaders of family-
owned SMEs use to sustain their businesses for future generations. Section 1 of the
project contained information on business problems, the purpose of the project, and a
review of the published literature. SFBT provided a foundation for the essential resources
55
a family-owned SME leader developed over time, when succession planning could
sustain their business for future generations. In Section 2, I reviewed academic and
professional literature related to the business problem and conceptual framework. Section
3 includes a discussion on project ethics, the nature of the project, data collection and
analysis activities, and reliability and validity. Finally, in Section 4, I discuss the findings
and the implications for business practice, social change, and further research.
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Section 3: Research Project Methodology
The focus of Section 3 is to provide a summary of how I conducted the project
with an ethical framework guiding the research. I also discuss the nature of the project,
including a description of how the chosen method and design were appropriate to address
the research question. In the remainder of this section, I focus on the participants,
sampling strategies, and data collection, organization, and analysis. I conclude this
section by reviewing how I maintained the reliability and validity of the research results.
Project Ethics
In the project approved by IRB # 12-11-24-0269238, my role was that of the
researcher. The role of the researcher is to develop the research question, collect and
analyze data, and draw conclusions (Van Burg et al., 2022; Xia, 2023). I developed my
research question. After receiving IRB approval, I identified participants and conducted
semi-structured interviews supplemented with a review of public documents relating to
my research question. After organizing the data, I analyzed it and presented my
conclusions. I had no direct relationship with the research topic or personal biases.
Researchers need to acknowledge their own biases; otherwise, it violates the integrity of
the study (Aspers & Corte, 2019; Ahmed, 2024). As a researcher, I acknowledged any
personal biases affecting data collection and interpretation.
As a guideline, the Belmont Report includes three basic principles: respect for
persons, beneficence, and justice (Lantos, 2020; U.S. DHHS, 1979). Respect for persons
includes two moral requirements. The first is that the researcher treats individuals as
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autonomous agents. The second focuses on protecting individuals with diminished
autonomy (Spector 2022). The Belmont Report described beneficence as maximizing the
research project’s benefits while not harming the individual subject (Aspers & Corte,
2019; Lavee & Itzchakov, 2023). In this project, I followed The Belmont Report, which
guides researchers to follow (Erdmann & Potthoff, 2023). The Belmont Report
established critical standards for protecting human subjects involved in research
endeavors. The report emphasizes that all human subjects should be treated with dignity
and possess the autonomy to participate in or withdraw from a study at any stage of the
research process.
Additionally, the report stipulated that research should be designed to minimize
potential harm to participants. Upon securing consent to participate, I sent an informed
consent form via email to each selected participant. The acquisition of informed consent
is a fundamental prerequisite before any research involving human subjects (Alessi &
Kahn, 2023; Eeckhout et al., 2023). Individuals who agreed to participate indicated their
consent by replying to my email with the phrase, “I consent.” Without a response within
3 to 5 days, I conducted a follow-up email to address any inquiries the participant may
have had.
Nature of the Project
Primary research methods include qualitative, quantitative, and mixed methods
(Taherdoostdoost, 2022). The qualitative method primarily involves exploring social
phenomena through interviews (Flick, 2018). In contrast, quantitative researchers use
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numerical data to examine the relationships between variables (Guetterman, 2020).
Mixed methods research incorporated qualitative and quantitative elements
(Mukumbang, 2023). To explore family businesses’ strategies to ensure successful
succession, I did not test hypotheses that were part of a quantitative study or the
quantitative portion of a mixed-methods study. The qualitative approach was appropriate
when a researcher wanted to explore a business process (Amaradasa, 2023;
Taherdoostdoost, 2022). Thus, I chose a qualitative method to explore a specific
phenomenon without examining relationships between variables.
I considered three research designs used for a qualitative study on exploring a
succession plan: (a) narrative, (b) ethnography, and (c) pragmatic inquiry. A researcher
using a narrative design collects participants’ experiences as full accounts or narratives or
reconstructs such experiences into narratives (Van Burg et al., 2022). An ethnographic
researcher seeks to explore a group’s culture (Alpi & Evans, 2019; Bayeck, 2023). Kelly
and Cordeiro (2020) explained that researchers use a pragmatic inquiry to focus on
actionable research. A pragmatic inquiry approach allows researchers to conduct applied
research and produce results in actionable strategies (Ramanadhan et al., 2021). I rejected
the narrative and ethnographic designs as I did not intend to explore a group's culture or
reconstruct participants’ experiences. My research aimed to conduct actionable research
that would identify business strategies.
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Population, Sampling, and Participants
All project participants met the eligibility criteria to participate in my project.
These criteria included leaders of family-owned SMEs who had used successful
strategies to sustain their businesses for future generations. I focused on participants who
were leaders associated with businesses in Hawaii.
I purposefully selected six participants based on those who met the eligibility
criteria. Researchers use purposeful sampling to identify participants with an in-depth
view of the phenomenon (Campbell et al., 2020). The sampling was based on selecting
the best-fit participants who fit the criteria for family-owned incumbents successfully
transferring their businesses to the next generation within their family. The quality and
depth of the relationships with research participants are often positively correlated with
the quality and depth of the research data collected from the participants (Porfirio et al.,
2020). As the researcher, I built a working relationship with the participants by
maintaining strong communication throughout the data collection process.
Data Collection Activities
As the researcher, my primary role was data collection in my project. In a
qualitative study, the researcher acts as the collection instrument (Yoon & Uliassi, 2022).
To increase uniformity between interviews, I used an interview protocol, a strategy
researchers employ to reduce research bias (Aspers & Corte, 2010). Banks et al. (2023)
and Yeong et al. (2018) noted that an interview protocol increased consistency with each
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person interviewed. I applied this protocol throughout the interview process (see
Appendix).
Since the researcher is the collection instrument in a qualitative study (Yoon &
Uliassi, 2022), I served as my project’s primary data collection instrument. Before
conducting the study, researchers typically develop an interview protocol (Roberts,
2020); therefore, I followed an interview protocol as I conducted semi-structured
interviews with the participants (see Appendix). Opara et al. (2023) observed that the
interview protocol ensured that a consistent line of inquiry was pursued with each person
interviewed. The advantage of an interview protocol is that it guides the interviewer or
evaluator in deciding how to use the limited time available in an interview. A protocol
helps make interviewing several people more systematic and comprehensible by
delimiting issues unique to each individual (Ali et al., 2019).
All interviews were conducted via Zoom, phone, or face-to-face, depending on
each participant's preference. Yin (2017) noted that qualitative data come from different
sources, including documentation, archival records, interviews, direct observations,
participant observation, and physical artifacts. Additional documentation to support the
data collected included publicly available documents obtained through an internet search
(Roberts, 2020).
Member checking is an iterative generative process and can be incorporated into the data
collection by posing specific questions or relying on key informants to verify the
researcher’s understanding of the data as the research process unfolds (Erdmann &
61
Potthoff, 2023; Naidu & Prose, 2018). I conducted member checking by summarizing the
transcribed data and sending the interpretations back to the participants for confirmation.
Interview Questions
Semi-structured interviews were utilized to gather the data. The interview
questions included the following:
1. What successful succession planning strategies did you use?
2. What were the most common problems you experienced when starting
succession planning and management programs?
3. What strategies did you utilize to sustain your family-owned SME business
for future generations?
4. What key barriers did you encounter in developing and implementing your
strategies?
5. How did you address the critical barriers in developing and implementing
your strategies?
6. How did you assess the effectiveness of your strategies?
7. What were the most significant benefits you experienced with successful
succession planning and management strategies?
8. What additional comments did you have about your strategies for succession
planning?
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Data Organization and Analysis Techniques
Effective qualitative data management ensures data integrity, security, and
usability throughout the project. This process includes collecting, tracking, preparing,
processing, organizing, storing, securing, retrieving, verifying, and sharing data to inform
subsequent data collection and enhanced data analysis (Aguboshim, 2021; Banks et al.,
2023; Opara et. al., 2023; Ridge et al., 2023). Researchers identify the source when
managing data by labeling observable physical data, consent forms, audio files, and
documents under unique file names (Ebneyamini & Sadeghi Moghadam, 2018; Herman
& Vervaeck, 2019). All of my data sources were labeled with separate code names for
organizations and participants, and all electronic data were stored in a password-protected
file on a computer. I used a secure, locked safe to store all raw data, such as interview
recordings, field notes, data from the company website, documents, reports, signed
consent forms, and hard copies of data for five years.
Methodological triangulation was appropriate for this project based on multiple
data collection techniques. Methodological triangulation uses multiple data sources to
validate findings within one or between two research methods (Zelčāne & Pipere, 2023).
Using methodological triangulation helped eliminate biases and enhance the researcher’s
ability to be more objective (Johnson et al., 2020). A researcher may use methodological
triangulation to validate themes identified not from personal bias but from collected data
sources (Rooshenas et al., 2019; Yin, 2018). I used methodological triangulation in my
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project. The two data collection techniques I used for this project included semi-
structured interviews and a review of publicly available documents and archived records.
The limited dataset in my qualitative pragmatic inquiry project necessitated
manual coding to perform data analysis. The analysis method needed a thorough review
of interview transcripts to uncover essential patterns and generate codes that formed
themes from participants' experiences. The project preserved its practical orientation
through manual analysis, which offered a flexible framework for context-specific
interpretations and generated applicable findings for real-world succession planning in
family businesses. The qualitative pragmatic inquiry project involved manually sorting
participant responses into initial codes by thoroughly reading transcripts to identify
recurring words and phrases. The terms "legacy," "trust," "communication," and
"preparation" frequently appeared in conversations about succession planning methods.
The analysis identified key themes by examining the frequency and context of patterns
across the entire set of interviews. The initial data preparation stage involved
transcription, followed by systematic content review and response analysis to discover
meanings related to the research questions. The manual data examination process resulted
in an in-depth understanding of participant perspectives and confirmation that the
identified themes reflected authentic, real-world experiences (Roberts, 2020; Zhang &
Liu, 2018).
The data analysis I followed included the five steps outlined by Yin (2018),
including (a) compiling, (b) disassembling, (c) reassembling, (d) interpreting, and (e)
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concluding. All data collected followed the same process to ensure consistency of
analysis and determine data saturation. Semi-structured interviews, archival records and
documents, and transcribed data were collected and used as the basis for analyzing
common themes. Compiling means using multiple data sources to collect data through
semi-structured interviews, journaling, and documents (Gupta et al., 2019). I organized
and structured the raw data collected from interviews and additional data into separate
files, ensuring it was easily accessible for analysis. I reviewed and cleaned the data and
carefully checked transcripts and notes for accuracy and completeness to prepare them
for the following stages of analysis.
In qualitative data analysis, disassembling involves segmenting data into smaller
parts to apply coding techniques and discover emerging themes, as Yin (2016) described.
Researchers apply codes to significant data segments to enable structured organization
and interpretation, which exposes patterns and relationships, according to Saldaña (2021).
The reassembling process demands synthesizing coded data by performing contextual
analysis. Reassembling requires researchers to identify frequent patterns, compare data
sets, examine exceptions to general findings, consider alternative explanations, and
present findings through tables and visual displays (Yin, 2016). During this stage,
researchers interpret the data using several evaluative criteria: Researchers assess data
during interpretation with criteria that include attributes and completeness as well as
fairness and empirical accuracy alongside credibility and value-added insights, plus mode
of representation and descriptive richness, and finally, the effectiveness of visual
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illustrations according to Opara et al. (2023). As themes emerged, I related emergent
themes to my conceptual framework and current literature.
Reliability and Validity
My project demonstrated how I handled reliability and validity appropriately,
which serve as key research quality criteria. In qualitative research, reliability and
validity focus on trustworthiness, which measures how others perceive the researcher’s
integrity in conducting research and the reasonableness of their conclusions (Saldana &
Omasta, 2018). The researcher’s integrity regarding research execution and soundness in
conclusion formulation had to be evaluated (Brewer et al., 1999; Richardson & Shaw,
2019). The dimensions of trustworthiness encompass dependability for reliability and
credibility as well as transferability and confirmability for validity (Tomaszewksi et al.,
2020; Trends & Prospects in Family Business Qualitative Research Methods, 2020). I
addressed these elements to achieve methodological rigor and a high-quality research
project. Transparency and understandability are critical in ensuring that
phenomenological research achieves high quality (Skinner et al., 2000).
To support transferability, I attempted to be as transparent and easy-to-follow as
possible throughout this qualitative pragmatic project's entire research process. This
required carefully recording every step during the data collection and analysis
procedures. I began with a full explanation of the design of this project, including the
decisions behind choosing a pragmatic inquiry and the methods used to choose
participants. The semistructured interviews were then conducted using a single protocol
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with all participants. The participants' responses were transcribed verbatim to avoid bias
or inaccuracy, and the resulting transcripts were manually coded using a step-by-step
process and looking for themes through repetition and frequency of words and phrases
used by participants (Creswell & Poth, 2018). Memoing and journaling were both
strategies that I used throughout this project to help ensure an audit trail, and member
checking was used to confirm the experience and its interpretation as an additional
credibility strategy (Skinner et al., 2000). The resulting data analysis allowed the reader
to follow these steps for transparency and understandability to key stakeholders.
Reliability
Reliability refers to the quality of research findings. In a qualitative study,
reliability is a form of assurance of the dependability of the results from internal and
external validity through the research instrument (Coleman, 2022). Reliability refers to
the consistency of the findings when repeating the same inquiry under a similar context
(Cole, 2023; West, 2019). Researchers achieve dependability through member checking,
transcript reviews, and expert review of the interview scripts and protocols to confirm
and validate their perspectives concerning the phenomenon (Roberts et al., 2019).
Applying an interview protocol, triangulation of interview data with additional data
sources, and member checking increased the reliability of my qualitative research.
Researchers established protocols or institutional guidelines to achieve
accountability and transparency in qualitative research (Rose & Johnson, 2020).
Demonstrating reliability within a qualitative study is challenging because, unlike
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quantitative analysis, there are no available statistical tests for this purpose (Kandade et
al., 2021). Triangulation provides a more compelling argument regarding the reliability of
findings since consistent findings from different data sources or collection methods are
also likely to prove the research conclusion's integrity better. I maintained detailed
documentation of my research process and triangulated interview data with other publicly
available data sources.
Validity
Qualitative validity was a critical framework for assessing the accuracy and
truthfulness of research findings throughout the study process. According to Daniel
(2019), qualitative validity encompasses the researcher’s responsibility to ensure the
integrity of the research outcomes. Credibility refers to confidence in the truth of the
findings, which could be enhanced through member checking and triangulation.
Transferability addressed the applicability of findings to other contexts, requiring detailed
descriptions of the research setting and participants. Confirmability emphasized
objectivity and ensured that the findings reflected the participants’ perspectives rather
than the researcher’s biases. Finally, data saturation occurs when no new information
emerges from the data collection, signaling that the researcher has thoroughly explored
the research question (Ebneyamini & Sadeghi Moghadam, 2018). My project used
strategies to increase validity and address credibility, transferability, confirmability, and
data saturation.
Credibility
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Credibility is related to established dependability, relevance, and congruent
findings. Then, the findings reflect the researcher’s intended reality obtained from the
perspectives of those who provided data (Singh et al., 2021). Researchers noted that all
qualitative researchers incorporate strategies to enhance a study's credibility during
research design and implementation (Forero et al., 2018). A researcher increases
credibility through a detailed description of the data analysis and verification of data
sources obtained from participants from whom data were collected. I provided sufficient
detail in my thematic descriptions to increase the credibility of my results.
Transferability
The interplay among the three dimensions of family capital—social, human, and
financial—presents a particularly compelling area of inquiry for scholars focused on
sustainable family business practices (Llanos-Contreras et al., 2021). This interplay is
noteworthy as it illustrates how each form of capital could mutually reinforce and
enhance the others, thereby establishing a solid foundation for resilience. Social capital,
characterized by networks and relationships, offers external resources and support, while
human capital imparts the knowledge and skills necessary for adaptability (Falasca et al.,
2023). Financial capital facilitates growth and stability, frequently bolstered by social and
human capital contributions (Ramírez-Pasillas et al., 2022). Past research explores each
dimension's direct and indirect effects to ascertain the optimal configuration of family
capital that maximizes resilience. Gaining a deeper understanding of this synergy yields
valuable insights into how family businesses could strategically utilize their distinctive
69
capital structures to achieve sustainable success, particularly in challenging
circumstances. Research insights from a particular context offered valuable lessons to
similar locations. Transferability is related to qualitative research and suggests that
findings from one study could apply to other settings or groups of people (Daniel, 2019;
Smith, 2018). The final research results provided evidence for the reader to assess the
integrity of research outcomes.
Transferability is required to ensure that the content of the interviews, the
behaviors, and the observed events were typical or atypical of the participants’ lives
(Daniel, 2019; Smith, 2018). Transferability requires a detailed description of the context
of the study, sample characteristics, participants, the methods used to recruit the sample,
and the types of data obtained. Qualitative researchers use thick descriptions of real-life
settings and understandings of participants’ worldviews to achieve transferability; it helps
bridge the gap between practitioners and researchers (Ospina et al., 2018). A careful
evaluation of sample size sufficiency and a comprehensive assessment of data adequacy
were essential for enhancing the transferability and relevance of my qualitative research
findings.
Confirmability
Confirmability is related to how well the collected data supports the study
findings (Kyngas et al., 2020). The trustworthiness aspect concerns the connection
between the data and the results. When considering confirmability, I evaluated whether
my findings were solely shaped by the data collected from respondents or whether the
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results reflected some of my bias, motivation, or other interests. I enhanced
confirmability by using audit trials, field notes, memos, or excerpts from a field diary to
support the connection between data and findings. Confirmability ensured that I adhered
to the data collected and analysis techniques for the research design, interview protocols,
and data saturation—my data collection strategy included an interview protocol (see
Appendix). I continued my interviews until I reached the point of data saturation.
A researcher’s conviction in credibility refers to the fact that the research findings
were valid. Credibility refers to the study’s internal validity and is concerned with the
value of truth (Trafimow, 2023). I increased credibility by triangulating interview data
with a review of cross-verifying interview data against multiple sources such as company
public records, organizational reports, and business website information. In addition, I
asked participants to review my interpretation of interviews through a member-checking
process.
Triangulation is a technique that assists researchers in ensuring the credibility of
research results. Triangulation uses data collection methods: interviews, checklists-
assisted observations, and content analysis, and confirmability in a qualitative study was
actualized through audit trials and reflexivity (Barontini & Caprio, 2006; Kyngäs et al.,
2020). Triangulation, audit trails, and reflexivity were used as part of the project design
to support confirmability further and enhance the data's depth and richness. In particular,
audit trail strategies were used to support confirmability through a transparent and
systematic process for the project, including keeping clear and detailed records of
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procedures for data collection, coding, and analysis (Olmos-Vega et al., 2023). These
methodological records provided a “step-by-step” account of the process used in the
project, allowing the reader to see how interpretations and conclusions were reached.
Reflexivity
Reflexivity is a strategy employed to ensure the rigor of the project. The
qualitative pragmatic inquiry utilized reflexivity as an essential method to strengthen the
project’s rigor and credibility (Olmos-Vega et al., 2023). I kept a reflexive journal
throughout my research to record personal reflections and methodological choices while
documenting how my interpretations developed because I acknowledged how my
positionality affected the project. Through this practice, I engaged in ongoing
introspection to identify potential biases while maintaining an analysis rooted in
participants’ narratives. The practice of reflexivity enabled me to address insider-outsider
complexities and ensure that research findings remained credible. Current qualitative
research guidelines highlight reflexivity as essential to methodological rigor, which this
approach follows.
Data Saturation
Data saturation was achieved by continuously keeping records of what I knew
about myself and the participants concerning the project to offset my preconceived
notions about the research, which might interfere with data analysis and interpretation,
thereby implementing confirmability or neutrality. Recognizing that I was a novice
researcher, I maintained a reflective journal throughout the data collection and analysis.
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Journalizing my thoughts helped me minimize biases that may have developed through
my research.
Data saturation is collecting sufficient data to confirm the project's validity
(Sebele-Mpofu, 2020). According to Hennink and Kaiser (2022), saturation is a crucial
factor for research rigor and a measure used to define sample size limits in qualitative
research (p. 9). According to this idea, data analysis reaches its endpoint when no new
information emerges, which Braun and Clarke (2021) termed information redundancy.
My project's completion of data saturation occurred when continued data
collection ceased to produce new themes or insights from subsequent interviews and
analyses. The iterative process helped me gather data that was both complete and aligned
with the research question, thereby strengthening the project's trustworthiness and
validity.
Transition and Summary
In Section 3, I showed the research methodology and design while providing
details on why I chose qualitative pragmatic inquiry for population exploration and
analysis. In the research methodology section, I explained sampling methods and ethical
considerations while describing data collection instruments and analysis procedures
before presenting the interpretation approach. The discussion assessed how research
findings might be put into professional practice for social change impact and presented
actionable suggestions for future research. My report contained reflections about the
research methodology, followed by concluding remarks.
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Section 4: Findings and Conclusions
In this qualitative pragmatic inquiry, I aimed to explore the methods adopted by
Hawaiian SME leaders to maintain business continuity across multiple generations.
During the data analysis, I focused on three primary themes: (a) the necessity for
succession planning, (b) strategies to overcome common obstacles, and (c) the
development of practical business approaches. The unique business environment of
Hawaii became apparent through insights from leaders who successfully faced these
challenges.
The business leaders discussed their strategies, which underlined the essential
roles of detailed planning and strategic anticipation alongside flexibility in maintaining
their enterprises through several generations. I explored the essential function of
succession planning, the difficulties Hawaiian SMEs encounter, including economic
instability and constrained local markets, and how these business leaders developed
custom approaches to face these challenges.
Presentation of the Findings
Throughout the world, SMEs owned by families make up critical economic
foundations, but their impact is especially significant in Hawaii, where they drive
economic stability and community growth. The values and traditions of their own
families permeate these businesses, which affect their operational methods and
interactions with outside communities. Family-owned SMEs generate interconnected
economic systems that maintain community livelihoods through local hiring practices and
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supplier partnerships. These business leaders participate in local events through
sponsorships and engage in charitable works while supporting efforts to preserve cultural
heritage. Preserving these businesses through generations remains essential to keep jobs
and economic stability while maintaining their ongoing social contributions. Family
businesses use effective succession planning to secure long-term sustainability while
managing generational changes and protecting their heritage. Semi-structured interviews
with Hawaiian family-owned SME leaders let me gather firsthand insights about
continuity maintenance strategies and community contributions (see Table 2).
Table 2
Participant Demographics
Gender Years of experience Business sector Role
P1 M 18 Hospitality & tourism Part-owner/VP
P2 M 15 Textile services Owner
P3 M 17 Automotive industry Owner
P4 M 37 Distribution industry President/CEO
P5 M 36 Hospitality & tourism Part-owner/president
P6 M 35 Automotive industry Part-owner
The data revealed three main themes, including (a) the necessity of succession
planning, (b) embracing and overcoming common challenges, and (c) effective
succession strategies. The primary themes matched essential patterns in the results and
corresponded with those mentioned in Section 2 of the literature (see Table 3).
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Table 3
Summary of Data Analysis Themes
Theme n of participants n of excerpts from data
Theme 1:
Necessity of Succession Planning 5 33
Theme 2:
Embracing & Overcoming Common Challenges 5 33
Theme 3:
Effective Succession Strategies 5 33
Theme 1: Necessity of Succession Planning
The project participants identified succession strategies essential to prolong
business operations while preserving family unity and enabling efficient asset transition.
Among recent studies, Falasca et al. (2023) demonstrated that strategic planning is an
essential developmental tool for preparing future leaders in family businesses. My
subthemes included succession as a strategic imperative, preserving family legacy and
values, succession planning and business continuity, societal contributions of family
succession, and influencing external factors. Every project participant identified
succession planning for maintaining family business continuity through multiple
generations (see Table 4).
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Table 4
Necessity of Succession Planning
Subtheme n of participants n of excerpts from data
Succession as a Strategic Imperative 5 7
Preserving Family Legacy & Values 5 7
Succession Planning & Business Continuity 5 7
Societal Contributions to Family Succession 5 6
Influencing External Factors 5 6
Succession as a Strategic Imperative
Participant P4 noted, "Succession is not just about handing over the reins. about
setting up the next generation to redefine our mission in changing times." Participant P5
noted, "We saw succession as a way to recalibrate, not just continue what we were
already doing." Participants described succession as more than a leadership transition,
framing it as a strategic opportunity to shape the business’s future. The aforementioned
finding is consistent with contemporary research that underscores the importance of
succession planning as a strategic developmental instrument to equip family members for
leadership positions and bolster business resilience (Barnes & Hershon, 2021; SCC
Legal, 2024).
Preserving Family Legacy and Values
Participant P1 noted, "Our family values are the glue that holds our business
together. Without succession, we risk losing that legacy." Participant P6 noted, "It is
about more than profits—our identity and what we pass on." Succession was widely
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recognized as a mechanism to preserve family values, traditions, and ethical practices.
This intergenerational transmission of legacy enhanced organizational trust and
reinforced stewardship ideals (Danes et al., 2008; Danes et al., 2009; Didlar & Biloslavo,
2023).
Succession Planning and Business Continuity
Participant P2 articulated that the absence of a formal succession plan became
particularly apparent following the abrupt and unexpected death of a co-founder, a close
family member. This unforeseen event resulted in considerable organizational instability,
revealing the business's susceptibility without a defined leadership transition strategy. P2
reflected on this experience, expressing a profound personal and practical concern: “If
something were to happen to me, how would my family manage the business?” This
inquiry underscores the pressing reality faced by many leaders of family businesses when
succession planning is not proactively undertaken.
The death of a cofounder incident emerged as a significant narrative turning point
within the project, demonstrating how lived experiences can prompt the recognition of
critical structural deficiencies. Other participants echoed similar realizations, indicating
that the lack of succession planning disrupts operations during crises and jeopardizes
long-term sustainability. From a pragmatic perspective, this insight aligns with the
functional objectives of the inquiry, which seeks to understand and interpret how family
business owners navigate, or fail to navigate, the transition of leadership in practical
contexts. Furthermore, these participant reflections are consistent with broader empirical
78
data. The U.S. Small Business Administration reported that only approximately 30% of
family-owned businesses survive into the second generation, and merely 12% reach the
third generation (SBA, n.d.). These statistics provide context for the concerns expressed
by participants, highlighting that the absence of succession planning is not merely a
theoretical risk but a documented challenge with significant implications for business
continuity and generational legacy.
Societal Contributions to Family Succession
Participant P1 articulated, "By involving my daughter and niece, we empowered
young women in leadership roles. That matters in our community." This statement
underscores the dual role of succession planning as ensuring business continuity and
promoting gender equity and youth leadership. Similarly, Participant P4 remarked, "Our
business became a hub for cultural education. Succession meant we could keep that
going." This observation indicates a conscious effort to preserve and transmit cultural
values through the business across generations.
Moreover, participants highlighted the broader societal implications of succession
planning, which include fostering inclusivity, empowering the next generation—
particularly young women—and reinforcing cultural identity within their communities.
These outcomes illustrate the social embeddedness of family enterprises and resonate
with SFBT principles, emphasizing the interdependence between family businesses and
their communities (Hanson et al., 2019). In this context, succession emerged as a
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mechanism for ensuring sustainability and a vital channel for social continuity and
community enrichment.
Influencing External Factors
Participant P2 noted, "Regulations and taxes made it hard to pass on the business,
but with a lawyer's help, we figured it out." Participant P5 noted, "Tech is moving fast—
we had to train the younger generation so we would not fall behind." Participants noted
the impact of legal, market, and technological conditions on succession outcomes. These
external forces supported or constrained strategic planning, reinforcing the need for
adaptable succession frameworks (SCC Legal, 2024). The ongoing identification of
succession planning has shown its fundamental role in maintaining family-owned
businesses through multiple generations.
Current research has changed how we view succession from a power transfer to a
strategic chance to determine the business's future. A 2024 study from SCC Legal
showed that proactive succession planning plays a crucial role in maintaining family
heritage and business operational stability (SCC Legal, 2024). Research findings
demonstrated the crucial need for effective succession planning. Statistics from the Small
Business Administration demonstrate that just 30% of family-owned businesses in the
United States endure until the second generation, only 12% remain in the third
generation, and only 3% continue into the fourth generation and further (SBA, nd).
Business continuity proves difficult for family enterprises that lack structured succession
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planning. Family-owned businesses must develop succession plans to maintain
operational continuity and long-term viability.
Family-owned businesses often operate with a long-term perspective, driven by
the ethos of legacy and continuity rather than short-term financial gains. This approach
promoted values of stewardship, ethical business practices, and responsibility toward
employees and the community (Hadjielias et al., 2025). By effectively planning for
succession, these family-owned businesses passed family values from generation to
generation, reinforcing the trust and mutual respect underpinning thriving communities.
Additionally, these family-owned businesses often embodied and transmitted family and
cultural traditions, helping to preserve unique cultural identities (Erdidgan et al., 2020).
As these traditions aligned with business practices, they enriched the community's
cultural landscape and promoted a sense of belonging and pride among its members.
Effective succession planning in family-owned businesses also contributed to
societal development by promoting inclusivity and diversity in business practices.
Family-owned businesses that can thrive through multiple generations are models of
inclusive economic activity. Sustained business success depends on the active
involvement of family members across generations, including women and younger
individuals (Sharma et al., 2021). Promoting inclusive participation within family
businesses strengthens the enterprise and supports broader societal progress toward
gender equality and youth empowerment (Cruz et al., 2020). By serving as models of
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inclusive economic activity, multigenerational family businesses help drive positive
social change and set important precedents for the wider business community.
I explored multiple aspects, including how succession plans were strategically
implemented, how potential successors were involved and prepared for their roles, and
the psychological and cultural challenges during transitions. I examined succession
timeline clarity, successor preparedness, and transitional support systems to understand
how these elements affected business durability. Market conditions, legal frameworks,
and how technological advancements served as external forces that could support or
obstruct succession processes were also explored. This multidimensional approach
revealed the direct results of succession planning while embedding these practices in
broader economic and cultural contexts, exploring how family businesses could
overcome significant succession obstacles.
Theme 2: Embracing & Overcoming Common Challenges
Participants identified role differentiation, managing emotional investment, and
adapting to changing market conditions as shared challenges in succession planning.
Participants explained that they implemented collaborative governance systems alongside
active listening techniques to tackle these challenges. These family-owned business
participants identified collaborative governance structures, active listening strategies, and
role differentiation as essential practices for handling succession-related challenges. Clear
communication, emotional tension reduction, and intergenerational goal alignment help
build resilience across family groups and company structures (Yilmaz et al., 2024).
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Research findings from the Family Firm Institute, published in 2023, show that family-
owned business capital's social and human components, through strong interpersonal
networks and shared values, help firms stay stable and adaptable during economic and
political turmoil. The subthemes covered role uncertainty, emotional interactions,
generational viewpoint differences, joint governance, family wealth, and cultural
inheritance as drivers of innovation (refer to Table 5).
Table 5
Embracing and Overcoming Common Challenges
Subtheme n of participants n of excerpts from data
Role Ambiguity & Emotional Dynamics 5 8
Intergenerational Perspective Gaps 5 8
Collaborative Governance & Family Capital 5 8
Cultural Legacy as Innovation Catalyst 5 8
Role Ambiguity and Emotional Dynamics
Participant P3 noted, "It is hard to tell your child they are not ready. However, it
is worse if you do not and they fail." Participant P6 noted, "Emotions run high, especially
when siblings feel overlooked. We needed rules and boundaries." Participants reported
that emotional ties and unclear role expectations often led to tension. Addressing these
challenges requires clarification of the role and structured communication.
Intergenerational Perspective Gaps
Participant P6 noted, "My son had ideas I did not understand, but when I let him
try, it saved us money." Participant P2 noted, "They see things differently, and that is not
bad. We had to learn to trust each other." Generational differences emerged as both a
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challenge and a strength. While older members emphasized tradition, younger successors
sought innovation. Bridging this gap required aligning business objectives with
individual ambitions (Western Companies, 2024; Hawaii Business Magazine, nd).
Collaborative Governance and Family Capital
Participant P4 noted, "We created a family council—just having a space to talk
made a huge difference." Participant P5 noted, "Our strength comes from loyalty. It is our
real capital." Families mitigated conflict by implementing formal governance systems—
such as councils and charters—while drawing on social and human capital to maintain
cohesion and adaptability (Hanson et al., 2019).
Cultural Legacy as Innovation Catalyst
Participant P6 noted, "We honor our Hawaiian roots in greeting customers and
making decisions." Participant P2 noted, "Culture is not old-fashioned—it is our
competitive edge." Rather than viewing traditions as constraints, participants leveraged
cultural heritage to drive innovation and entrepreneurial identity. This approach
supported long-term engagement and success (Suddaby & Jaskiewicz, 2020). Succession
planning demands expertise in managing multifaceted family relationships, which the
literature identifies as growth and innovation catalysts—the enterprise benefits from
generational diversity, enabling traditional approaches to merge with contemporary
viewpoints. A 2024 Western Companies article emphasized the importance of knowing
the upcoming generation's ambitions as the key to successful succession planning by
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promoting transparent communication between family and business objectives (Western
Companies, 2024).
Societal traditions, which were previously seen as limitations, now function as
instruments to maintain cultural heritage and stimulate innovative practices. Suddaby and
Jaskiewicz (2020) found that companies that honor their legacy demonstrate strong
connections to long-term success and employee engagement through entrepreneurship
support. Family-owned businesses maintain an equilibrium between maintaining
consistency and implementing transformations.
Theme 3: Effective Succession Strategies
Succession planning participants have promoted combining entrepreneurship
principles with professional development standards. My project participants discovered
that training programs for successors inside and outside family businesses develop
essential leadership skills while building confidence, so future leaders can adapt to
changing consumer demands and worldwide market movements. Family-owned
businesses that value ongoing education cultivate organizational excellence while
ensuring sustainable operations for the future.
Table 6
Effective Succession Strategies
Subtheme n of participants n of excerpts from data
Professional Development & Mentorship 5 8
Structured Governance Tools 5 8
Intergenerational Knowledge Transfer (IGKT) 5 8
Strategic Resource Utilization 5 8
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Researchers presented a positive view of creating succession strategies ensuring
enduring sustainability (Dike & Idemobi, 2025). Structured frameworks like family
constitutions, charters, and strategic mentorship programs empower existing leaders and
their future successors. Implementing these mechanisms produces a clear understanding
while reducing uncertainty and building strong trust across generations (Bouncken et al.,
2020).
Recent studies have identified IGKT as an essential driver for innovation and
competitive edge (Dimovski et al., 2024; Rotimi et al., 2025). Organizational leaders
focusing on intergenerational knowledge transfer show more substantial capabilities in
maintaining essential business knowledge and promoting innovation and organizational
renewal (McDougall et al., 2019). The research conducted by McDougall et al. (2019)
highlighted how intergenerational knowledge transfer is fundamental for family business
survival and the ability to adjust to change. Organizational leaders who actively promote
IGKT achieve both the preservation of essential institutional memory and the
development of innovative strategic foundations. The organization develops enhanced
adaptability to market changes when younger generations merge established business
insights with new trends and technologies. This capability transforms into a strategic
asset during succession planning because it maintains core competencies throughout
leadership changes. The research supports the SFBT, which focuses on long-term value
creation by managing material and non-material family resources. Therefore, the research
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by McDougall et al. (2019) supports the claim that intentional knowledge transfer
systems are essential for organizational rejuvenation and sustaining competitive
advantage within family businesses.
Professional Development and Mentorship
Mentorship emerged as a vital component of effective succession planning in
family-owned businesses, providing successors with the confidence, structure, and
practical experience needed to thrive in evolving business environments. Participant P3
noted, "My nephew interned at another firm before joining us. He came back more
confident and ready." Participant P4 noted, "Mentorship gave our future leaders structure
and support." Mentorship was critical in equipping successors with skills for managing
dynamic business environments (Hasan & Bichanga, 2022).
Structured Governance Tools
Practical governance tools are crucial in reducing ambiguity and strengthening
continuity in family-owned businesses. Participant P5 noted, "The family charter laid it
all out. No more guessing or assuming." Participant P1 noted, "Policies helped us
separate emotion from business decisions." Tools such as family constitutions and
mentorship frameworks fostered clarity, minimized uncertainty, and built
intergenerational trust (Bouncken et al., 2020).
Intergenerational Knowledge Transfer (IGKT)
IGKT emerged as a crucial mechanism for sustaining business practices and
fostering innovation within family-owned businesses. Participant P6 noted, "I spent years
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walking through the business with my daughter, teaching her everything. Now she is the
one training others." Participant P4 noted, "Stories and lessons from our grandparents still
shape how we run things today." IGKT played a vital role in maintaining organizational
memory and enabling innovation. Firms that facilitated structured knowledge transfer
were better positioned for competitive advantage (McDougall et al., 2019).
Strategic Resource Utilization
Family-owned businesses often rely on intangible, non-financial assets to
maintain continuity and strengthen their competitive positioning. Participant P3 noted,
"Our name in the community means something. That reputation gave us staying power."
Participant P5 noted, "We use what we have—our values, network, and story—to keep
going." Participants described using unique family-based resources to create a sustained
competitive advantage. This approach aligns with RBV and FCNE, demonstrating how
non-financial family assets contribute to business resilience (Ahmad et al., 2020).
Comparative and Integrated Insights
The findings reinforce the significance of structured governance frameworks in
succession planning. The findings are consistent with Hoffman et al.’s (2006) theoretical
model, which emphasizes formal mechanisms such as boards and policies essential for
reducing conflict and ensuring leadership continuity. Participants also linked successful
succession to innovation, risk management, and adaptability, especially in light of rapid
technological and market shifts. These insights resonate with Patel and Chrisman’s
(2021) findings, highlighting the necessity of embedding innovation and digital fluency
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within succession processes. Altogether, these themes confirm that effective succession
planning is not merely a family or business function but a strategic, multidimensional
process that impacts organizational, familial, and societal well-being.
Resource-Based View (RBV) & Family Resource Management Theory
The resource-based view (RBV) and family resource management theory reveal
how families can use their distinctive resources to create lasting competitive advantages
through strategic use. Integrating succession planning with CSR and FCNE objectives
generates stakeholder goodwill while advancing community development (Ahmad et al.,
2020). According to my project, family-owned businesses in Hawaii purposefully
coordinated their succession plans with traditional Hawaiian principles like aloha,
kuleana (responsibility), and mālama'āina (care for the land). Combining family values
with CSR strengthened community connections and improved customer loyalty to the
brand. Family business owners stated that connecting with local schools and cultural
organizations served ethical obligations and business longevity needs. Their strategy
enabled them to maintain family heritage while supporting community identity and
ensuring operational durability through multiple generations.
Prior researchers highlighted the effectiveness of early inclusion strategies and
formal training. Miller et al. (2016) outlined that sound family business practices, such as
succession planning, can enhance broader entrepreneurial efforts. Many family-owned
businesses actively embrace strategic succession planning to secure long-term viability
(Soelistyawati et al., 2024). Succession represents an active and empowering process that
89
relies on strategic foresight, robust interpersonal connections, and transferring core values
between different age groups (Isichei, 2025). Recognizing succession as a path for
growth and resilience enables family enterprises to maintain their legacy while achieving
sustained success within a changing local economy.
Comparative Analysis
The research analysis relied heavily on Hoffman et al.’s (2006) conceptual
frameworks, which highlight structured governance as essential for business longevity,
specifically in family-owned businesses. Afridi et al. (2024) and Sorenson and Milbrandt
(2022) demonstrated that effective succession planning depends upon structured
governance frameworks, including family councils, boards of directors, and defined
policies. The research explored by Sorenson and Milbrandt (2022) integrated established
frameworks to analyze the role of formal governance mechanisms in reducing typical
succession-related conflicts and facilitating seamless leadership transitions while
demonstrating consistency between theoretical concepts and real-world findings.
The project continued its comparative analysis by investigating extra-family
governance dimensions that impacted succession planning outcomes. I explored how
transparent decision-making processes, accountability systems, and stakeholder
communication strategies enabled family businesses to achieve resilience and
sustainability. This exploration demonstrated that structured governance principles in
succession planning are universal and flexible when they connect these family business
strategies with leadership transition insights from diverse cultural and economic research.
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The scope of my research project confirmed Hoffman et al.'s (2006) and Hossain et al.’s
(2022) theoretical propositions while expanding knowledge on how local Hawaii family-
owned businesses can customize governance systems to meet their distinct requirements
and challenges.
Integration With Existing Literature on Family Succession Planning
Integration with existing literature underscores the growing consensus that
innovative succession planning is essential for navigating the complexities of modern
family-owned enterprises. Patel and Chrisman’s (2021) research explored how family
firms manage the dual challenges of risk and innovation, emphasizing that these firms
often face unique vulnerabilities due to emotional ties, legacy concerns, and resource
constraints. Their study highlighted the vital need for family businesses to weave risk
management and innovation into their core practices to effectively manage the
unpredictable and complex environments they face. The connection proved fundamental
for long-term sustainability and resilience by showing how innovation combined with
risk-aware decision-making allows family firms to adjust to changing market conditions
while maintaining their essential values and legacy (Ikafa et al., 2021). It proves that
traditional succession planning methods are inadequate for modern challenges, requiring
innovative strategies that adjust to new market dynamics and technological advancements
alongside evolving family structures.
This project's literature review extended its scope from an extensive literature
review that expanded its framework from conventional succession planning models to
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examine broader academic studies about risk management and innovative methods in
family businesses. A broader perspective led to more profound insights into managing
challenges like technological disruption and generational changes through proactive and
flexible succession strategies. Academic research showed why digital transformation
matters in succession planning, revealing that technology enables businesses to overcome
operational inefficiencies and digital knowledge gaps between generations (Ahmad et al.,
2024). Research by Ahmad et al. (2024) explored that developing entrepreneurial
orientation in family firms builds future leaders' readiness through innovation training,
improving their capability to handle market changes and competitive challenges. The
perspectives discussed here expand upon Patel and Chrisman's (2021) foundational work,
highlighting how innovation intersects with risk management in family firms. This
research explores innovative succession planning practices that meet the changing
demands of family and business components. This research shows that family businesses
achieve long-term success and resilience through forward-thinking strategies, including
entrepreneurial orientation, digital transformation, and adaptive governance structures.
Recent research findings validate this project’s empirical results and strengthen the
theoretical framework proposed initially by Patel and Chrisman. The project pinpoints
essential opportunities that merit future research and practical application, specifically
within intergenerational knowledge transfer, inclusive leadership development, and
culturally aligned governance practices.
92
Business Recommendations for Professional Practice
Succession planning is a crucial strategic element for ensuring the sustainability
and resilience of family-owned enterprises. This project, informed by contemporary
academic research and aligned with industry best practices, identifies essential strategies
that can assist family business leaders in effectively managing leadership transitions
while safeguarding organizational integrity and familial legacy. The recommendations
emphasize the importance of enhancing governance structures, formalizing succession
processes, maintaining strategic flexibility, promoting transparent communication, and
utilizing external expertise. Collectively, these strategies are designed to improve
operational efficiency, ensure leadership continuity, and secure a long-term competitive
advantage for family-owned enterprises.
The findings underscore the necessity of establishing formal governance entities,
such as family councils and boards of directors, at the early stages of business
development to foster accountability and facilitate leadership transitions. The creation of
comprehensive and well-documented succession policies serves to reduce
misunderstandings and promote seamless leadership transitions. Regular strategic
evaluations of succession plans ensure that leadership strategies remain congruent with
the evolving objectives of the business and prevailing market conditions. Furthermore,
fostering open and structured communication among family stakeholders cultivates a
supportive atmosphere that encourages collaboration and mitigates resistance to change.
Incorporating external expertise provides family businesses with valuable outside
93
perspectives that can enhance succession planning processes and introduce innovative
methodologies. By implementing these recommendations, family-owned enterprises can
strengthen their governance frameworks, protect their market positions, and ensure the
continuity of their legacies across generations.
A comprehensive dissemination strategy has been formulated to underscore the
strengths of Hawaiian family businesses in the context of succession planning while
facilitating knowledge exchange. A comprehensive support network exists across the
Hawaiian Islands to assist family-owned businesses with succession planning and
leadership transitions. These services are provided by a coalition of agencies and
professional firms dedicated to helping businesses navigate the complexities of
ownership transfer across generations. Organizations such as the Family Business Center
of Hawaii and the Hawaii Small Business Development Centers (SBDCs) offer
specialized guidance and resources tailored to local cultural and economic contexts.
Private firms like Business Consulting Resources provide in-depth consulting on
leadership development, family governance, and intergenerational planning. Legal and
advisory firms, including Carlsmith Ball LLP and Goodsill Anderson Quinn & Stifel,
deliver strategic planning, estate structuring, and succession frameworks to ensure
continuity and minimize risk. Financial institutions such as First Hawaiian Bank and the
Hawaii Planning Group at Morgan Stanley contribute succession planning expertise
through wealth management, exit strategies, and business continuity planning. Together,
these organizations support the long-term sustainability of Hawaiian family-owned
94
businesses by addressing the challenges and opportunities involved in transitioning
leadership and ownership across generations. At the international level, my research
findings will be disseminated at academic and industry conferences, positioning
Hawaiian family-owned businesses as exemplary models of effective succession
planning. Panels featuring Hawaiian business leaders will offer practical insights,
educating local audiences on successful strategies deeply rooted in cultural values and
entrepreneurial resilience. Concurrently, scholarly publications may document the unique
characteristics of succession planning within Hawaiian family enterprises. Regional
journal articles may focus on Pacific business practices, while international publications
may integrate Hawaiian case studies to enhance theoretical discussions and provide
comparative analyses.
Digital educational resources and webinars could be created with the primary
intent to inform and uplift family-owned businesses in Hawaii, particularly when they are
hosted by and for the community. Additionally, offering accessible resources, either
virtually or focusing on Hawaii’s time zones and lived experience, addresses potential
barriers to knowledge acquisition, such as cost, location, and availability. Such resources
should be culturally responsive by considering Native Hawaiian values and regionally
specific practices so they remain locally relevant. Networking opportunities, both in
person on each island and virtually, could also help create space for peer mentorship and
sharing successful approaches and tools for family business owners within Hawaii. While
these efforts would have an immediate benefit for the community in Hawaii, they also
95
expand local and theoretical understandings of succession in different cultural and
geographic contexts. These methods address the importance of sharing knowledge and
experiences within the community while highlighting family businesses in Hawaii as
examples of how succession can look when localized, sustainable, and grounded in local
culture.
Implications for Social Change
Succession planning is an essential process that ensures the continuity of family-
owned businesses and plays a significant role in fostering economic stability and
community development. Family enterprises are often viewed as foundational elements
of local economies, contributing substantially to job creation, local sourcing, and
philanthropic activities. Establishing effective succession strategies bolsters economic
resilience by facilitating the smooth transition of leadership and organizational
knowledge transfer, thereby protecting business operations during economic uncertainty
(Canovi et al., 2023). Additionally, succession planning aids in preserving and
transmitting corporate values and ethical standards across generations, thereby enhancing
the integrity of individual businesses and promoting ethical practices within the broader
industry landscape.
Beyond supporting ethical continuity, effective succession planning reinforces the
enduring relationships that family businesses maintain with their local communities.
Family enterprises can sustain their participation in charitable activities, local
sponsorships, and social welfare programs by intentionally continuing leadership and
96
engagement initiatives. Furthermore, succession planning encourages a strategic, long-
term perspective that aligns with sustainable development principles and integrates
environmental stewardship, community welfare, and economic growth into business
objectives. Collectively, these outcomes highlight the crucial importance of succession
planning in ensuring the longevity of family businesses and advancing the overall
sustainability and resilience of the communities in which they operate.
During this project, a notable challenge was the reluctance to share information
encountered by two family-owned businesses in Hawaii. Despite assurances that no
specific data would be disclosed and that confidentiality would be strictly maintained,
these business leaders hesitated to provide detailed insights into their succession planning
processes. This reluctance may stem from fears of revealing sensitive business strategies
or disrupting family harmony, highlighting a common challenge in researching private
family-owned businesses.
Recommendations for Further Research
Several domains necessitate further investigation to enhance the comprehension
of succession planning in family enterprises and its wider socio-economic ramifications.
The following areas for further research may be identified to fill some gaps. First,
succession research on Hawaii family businesses is still limited and mostly descriptive,
and in small samples, which prevents the generalization of the results. A qualitative in-
depth project is greatly needed to understand better the influence of the local culture,
family, and contextual dynamics in the succession planning. While Cruz and Justo (2020)
97
highlighted this necessity, more detailed, context-specific inquiries are required to devise
succession strategies that effectively embrace cultural diversity.
Second, the influence of technology on succession planning merits substantial
scrutiny. The rapid pace of technological innovation offers new avenues to facilitate and
optimize succession processes. Future investigations should explore how digital tools—
such as e-learning platforms for succession training, digital dashboards for succession
management, and artificial intelligence applications for scenario planning and predictive
modeling—can be strategically utilized to improve succession outcomes.
Third, longitudinal impact studies are crucial for assessing the effectiveness of
various succession strategies over time. Such research should monitor key performance
indicators following succession, including financial performance of the business, family
cohesion, employee morale, and community engagement, to provide a holistic evaluation
of succession outcomes. These long-term studies would yield valuable insights into
succession practices' sustainability and broader societal implications.
Lastly, addressing the barriers to information sharing within family businesses
constitutes another vital area for future research. Many family firms hesitate to disclose
sensitive information, which poses challenges for researchers and consultants. Future
studies should investigate the creation of robust confidentiality frameworks and
innovative data collection methodologies that facilitate the anonymization of sensitive
information while still allowing for the extraction of meaningful and actionable insights.
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Reflections
The project’s origins lay in a deep interest in discovering how family-owned
businesses achieved long-term sustainability and ownership transition to subsequent
generations. The unique operational challenges these businesses faced while balancing
family legacy preservation with contemporary business practices drove my curiosity. The
motivation behind this project was to uncover the factors that enable family businesses to
thrive over time while maintaining health and stability throughout fast-paced economic
and technological shifts.
Studying family-owned businesses in Hawaii offered invaluable lessons because
Hawaii's location features notable cultural diversity and distinctive business conditions.
Hawaiian businesses demonstrated important insights into how cultural values and
community bonds shape succession planning practices. Local family-owned companies in
Hawaii incorporate 'ohana principles, which stress family and community bonds,
influencing their leadership succession planning and business continuity methods (Peters
& Fletcher, 2021). The findings showed that business succession plans must incorporate
cultural sensitivity and adaptability as essential components. The research expanded my
practical knowledge about managing businesses in multicultural environments and
highlighted how cultural values form resilient and adaptable business practices across
generations. The findings from this project of family-owned businesses in Hawaii can
offer culturally specific guidance for succession planning within other culturally diverse
99
communities and help build the body of research surrounding successful and contextually
appropriate succession planning.
Conclusion
The research establishes effective succession planning as an indispensable
element for family-owned businesses to achieve sustainable operations while showing its
key function in maintaining business continuity and generating notable social impacts.
Succession planning protects businesses’ operational future while strengthening
community resilience and advancing broad social welfare. Implementing ethical
leadership principles and strategic foresight equips family-owned companies to handle
current and upcoming difficulties, which helps maintain economic stability and social
harmony in their communities.
My research produced robust insights that support continued investigation and
practical use within family business management structures. Succession planning proves
essential for business longevity and community well-being by showing its vital role in
maintaining organizational health and community support. Structured succession
planning functions connect different generations while adopting modern business
strategies and adjusting to market changes, which help preserve family legacies in the
face of business competition and evolution.
The project indicated that family businesses should adopt transparent
communication practices and information sharing to address typical succession issues
effectively. These strategies allow family businesses to achieve smooth transitions while
100
building trust and cooperation among family members and stakeholders, which are
crucial for business longevity. The project encourages additional academic research and
real-world implementation to improve and customize succession planning methods for
current demands and upcoming prospects. Family-owned businesses that remove
information-sharing obstacles and implement innovative management techniques can
successfully tackle succession difficulties while maintaining their unique market position.
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