The survival of family firms is an important entrepreneurial sustainability issue and thus the succession process in these firms is a much debated area in the literature. When there is no suitable family successor, alternative ownership succession options are available where, in particular, succession via management buy-out (MBO) or buy-in (MBI) is a popular alternative. The strategy of the family firm, in relation to performance improvements and growth, is expected to be different before and after an MBO/I but the presence of the founder, shareholding non-family managers or non-family non-executive directors before the buyout as well as the input of existing management and financiers in succession planning may not only affect the MBO/I process itself but also the business strategies adopted after the MBO/I. This study aims to add to the understanding of these effects.