Abstract for: Roles Differentiation in Family Firms Succession: The Impact of Private banking and Private Equity
Family Firms are organisational forms where the continuity of the relationships between the owning family (families) and the firm is mutually beneficial to both the family and the firm. Succession is one of the key processes of continuity dynamics. Successions are often considered turning points, which may have profound consequences for continuity itself as well as for the family and firmís destiny. From the firmís point of view, successions can result in a fragmentation of ownership and in a differentiation of roles among family members. A well-managed succession process can contribute both to the continuity of the family-firm relationship and to the firmís performance. We propose a model, based on a resource-based view (RBV) of family firms and on dynamic capabilities (DC). We simulate the effects of the succession on the firmís entrepreneurial performance. Our simulations help to understand the contribution that banking services, particularly private banking and private equity, can provide to the management of succession. Key words: Succession, resource based view, dynamic capabilities, entrepreneurial performance, private banking and private equity.