Business Commons^™

The Black Box: Unraveling Family Business Succession, Noel D. Campbell, Kirk C. Heriot, Dianne H. Welsh

New England Journal of Entrepreneurship

Using the family business succession, resource-based view of firms, familiness, and organizational clan literatures, this article develops a model based on the ability of the family business to use familiness, a specific bundle of attributes deriving from a family’s culture, as a competitive advantage for the family firm. In particular, this resource-based framework of family business shows how familiness can distinguish between family firms that succeed beyond the second generation and those that do not. Implications for future research are discussed.