This study reports the results from a survey of 368 family-owned small to medium size
enterprises (SMEs) with regard to the importance, nature, and extent of succession planning.
By categorizing SMEs according to their annual revenues, total number of employees, and
number of family members employed within the firm, significant differences were found
between larger and smaller firms. Consistent with extant literature, the findings reveal that
most family members join the firm for altruistic reasons. Issues related to family relationships …