A succession of successions: Experiences of the third generation Kennard family-in-business

Abstract

While succession is a key focus for family businesses to ensure their continuity, the academic community has also long recognised its significance. A 2003 white paper (Chrisman, Chua, & Sharma 2003), found that succession continues to dominate the family business research literature with over 22% of the articles having succession as the primary topic and another 8% including succession as a secondary topic. Topics for succession research have covered five broad areas: the predecessor or the incumbent-related factors; successor related factors; family-specific factors; business-specific factors; and the succession process. Particular issues researched include family dynamics and personality issues as well as difficulties with the incumbent ‘letting go’; and the role of family culture and trust in effective succession outcomes. Governance issues and how appropriate board structures can assist effective succession have been explored. Le Breton-Miller et al (2004) found that a lesser focus in the succession literature is that of the context in which the family businesses are operating such as the competitive environment of the industry as well as the cultural, social, and family norms. This case study explores how such contexts have shaped the Kennard family-in-business approach to management and ownership succession to ensure the continuity of their favourable current position in the market.