Abstract

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.

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