An integrated model of the succession process in family businesses

Abstract

The study examines the issue of generational transition in family businesses, with particular attention to the complex and multi-factor nature of the succession process. The aim of the research is to present an integrated succession process model that interprets
the key variables identified in the literature (incumbent, successor, succession planning, family and business) by linking them to the firm’s life cycle and the process logicof generational transition. The study applies a conceptual approach based on theoretical synthesis, drawing on the analysis of relevant international and Hungarian literature. The results are embodied in a model that describes succession not as a static list of factors but as a system of interacting elements, emphasizing the importance of a life
cycle perspective and the central role of the incumbent. The conclusions highlight that the success of generational transition cannot be reduced to a single decision point; rather, it is shaped by the interaction between relational dynamics and the developmental stage of the firm. The theoretical contribution of the model lies in its systemic interpretation of succession, while its practical value is reflected in providing an analytical framework for evaluating succession processes in family small and medium-sized enterprises.