Succession, defined as the transfer of leadership, and often concurrently ownership, from one individual to another is one of the most studied topics in entrepreneurship and family firm research. Succession has also been termed as one of the key events in the company’s life as it has been argued that the transfer can both impede or foster the level of entrepreneurial behavior that is adopted within a company post-succession (Miller, Steier, & Le Breton-Miller, 2003). It is surprising, though, that little scholarly effort has been dedicated so far to exploring the relationship between succession events and subsequent organizational change and innovation (Quigley & Hambrick, 2012). In fact, the effect of succession on the company’s level of entrepreneurship post-succession is ambiguous.