All generations on board! : The board as a succession arena

Succession in family firms is a crucial event, since it concerns the continuity ofthe firm as a family firm. The succession process starts with the introduction ofthe successor and ends with the withdrawal of the predecessor. The literatureindicates that the board of directors can have a role in both the introduction andwithdrawal phases, but this role has scarcely been researched. As the board isan intermediary between the family and the firm, and often consists of familymembers, it can be a means of managing family generations through thesuccession process. This paper aims to investigate the role of the board in thesuccession process, assuming that the board can be used as an arena in thisprocess. In addition to having governance functions over the firm, the board canhave a function directed at the family instead of the firm, related to thesuccession of family generations. More specifically, the board can providesupport in the process of introducing the next generation of family members tothe firm, and can engage the previous generation that is about to leave directoperations. This article contributes to the field by identifying the board as a toolin the succession process that can be used by the family for several purposes,depending on the family’s intentions