Relevant Factors in the Process of Socialization, Involvement and Belonging of Descendants in Family Businesses

This research works toward the identification of the factors that comprise the process of socialization, involvement and initial belonging of descendants in family businesses and the key relationships between them. By means of a qualitative detailed study of four cases, complemented by a quantitative survey of 274 Colombian family businesses, the authors generate a new model that takes into account both factors explored in previous research as well as others identified in this study. Findings confirm the specific dependency of each stage on the subsequent ones; socialization influences involvement, which in turn influences the belonging of the descendants to the family business, with a strong presence of factors such as knowledge, leadership, mode, timing, and motivation. Those responsible for the orientation of potential successors may examine these findings in order to optimize their preparation efforts and support of family human resources for the continuity of the business