What are the benefits of trusted advisor involvement during family firm succession? And what are the risks?
Succession is one of the most important but also most difficult parts in the family firm lifecycle. No wonder that many family firms build on the help of external trusted advisors such as lawyers, accountants or bank advisors, to help them managing the succession process. But what are the risks of such involvement? Under what circumstances are advisors beneficial and when are they detrimental? In our conceptual paper my co-author Alexandra Michel and I investigate this phenomenon in a paper forthcoming in Journal of Family Business Strategy.