The importance of succession planning in family-owned businesses (FOB) is well known. Despite the preponderance of research, evidence suggests that only 30% of firms survive the transition to the 2nd generation and only 10% make it further. Thus, the purpose of this project was to develop a domain-specific measure of Family Business Succession Self-Efficacy (FBSSE).
This research builds upon prior self-efficacy work which attempts to capture the task and situational demands needed to lead a FOB. The literature identifies the following critical skills: decision making, interpersonal, relationship building, knowledge of the company and industry, maintenance of family harmony, internalizing norms, and guiding vision of the organization, and conflict resolution.
DeNoble, Alex F.; Ehrlich, Sanford B.; and Singh, Gangaram
"FAMILY BUSINESS SUCCESSION: TOWARDS THE DEVELOPMENT OF A DOMAIN-SPECIFIC SELF-EFFICACY SCALE (SUMMARY),"
Frontiers of Entrepreneurship Research: Vol. 26
, Article 3.
Available at: http://digitalknowledge.babson.edu/fer/vol26/iss17/3