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Values such as self-determination and performance play a key role in shaping the intention for company succession
Openness and conscientiousness encourage the willingness to take over a family business
Autonomy and competence significantly increase the intrinsic motivation of potential successors
The balance between family legacy and individual goals ensures generational change
Summary of the study
This study examines how individual values and personality traits influence succession intentions in family businesses. By integrating socioemotional well-being (SEW), self-determination theory and Schwartz's value theory, the interplay between the values of successors, family dynamics and the preservation of inheritance in the design of succession processes is analyzed. Methodologically, a qualitative research design was chosen in which narrative interviews were conducted with twelve potential or already actively involved successors in order to enable an in-depth investigation of values, personality traits and psychological needs as well as their interactions with factors at the family level. The results underline the importance of values such as self-determination, achievement and benevolence as well as personality traits such as openness to experience and conscientiousness for succession intentions. These individual factors interact with family dynamics, with a balance between socioemotional well-being and the fulfillment of psychological needs for autonomy, competence and belonging identified as crucial for successful generational transitions. This research offers a new focus on the motivations of successors and enriches the literature by deepening the understanding of the individual role and providing practical guidance for the process of generational change in family businesses.
Key findings of this study
- Importance of individual values: Values such as self-determination, achievement and benevolence significantly influence the intention to take over a family business. These personal orientations guide the successors in their professional decisions and objectives.
- Influence of personality: Characteristics such as openness to new experiences and conscientiousness promote the willingness to succeed. Such stable character traits help to successfully master the complex demands of a management position.
- Basic psychological needs: Fulfilling the needs for autonomy, competence and belonging increases the intrinsic motivation of successors. If they feel capable and independent, their willingness to actively take on responsibility increases.
- Socio-emotional well-being: Factors such as emotional attachment to the family and the preservation of the inheritance are central components of the family's decision-making culture. These non-financial priorities often shape succession processes more decisively than purely economic considerations.
- Balance as a success factor: A balanced relationship between family interests and the individual goals of the successor is crucial for successful handovers. Successful generational transitions are particularly successful when family tradition and modern innovation are reconciled.