ABSTRACT
In this chapter, the authors explain how the succession process is as much about learning as it is about decision making. Power is therefore an important concept to consider when examining succession, and particularly the enabling of a succession process. The succession process is likely to consider criteria for the selection of successor/s, timing of the process, as well as how to ensure a smooth transition. Most succession plans will be concerned about transfer of knowledge, resources, and social capital. The succession process involves determination of a strategy, policy for selection of successors and transfers of ownership, successor selection, training and learning, knowledge and resource transfer, and shift in roles. Families in business may believe that they have a responsibility to educate the next generation of owners to be responsible and understand their roles. Engagement of the next generation in the family business prior to them having a formal role is believed to be important in developing successors.
