Succession in family-owned SMEs: the impact of advisors

Alexandra Bertschi-Michel (), Philipp Sieger () and Nadine Kammerlander ()
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Alexandra Bertschi-Michel: University of Bern
Philipp Sieger: University of Bern
Nadine Kammerlander: WHU – Otto Beisheim School of Management

Small Business Economics, 2021, vol. 56, issue 4, No 14, 1551 pages

Abstract: Abstract We theorize and empirically confirm the positive influence of an advisor’s tertius iungens behavior on individual- and firm-level succession-related factors. Furthermore, we explore the moderating influence of two central advisor characteristics, namely, their type and process involvement. We find that the relationship between an advisor’s tertius iungens behavior and an incumbent’s and a successor’s satisfaction with the advisor tends to be stronger when the advisor is of formal (versus informal) nature. Furthermore, the relationship between an advisor’s tertius iungens behavior and firm performance is stronger when the advisor is involved in the full succession process, compared to being only involved in parts of it. Our study thus contributes to the literature on advising and family-owned SME succession by introducing the tertius iungens concept as a crucial advisor behavior and by highlighting how important advisor characteristics support the satisfaction with the advisor and post-succession firm performance.

Keywords: Succession; Family-owned SME; Tertius Iungens behavioral orientation; Firm performance; Advisor; C31; C83; L20; L26; M10 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (3)

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DOI: 10.1007/s11187-019-00266-2

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