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Post succession performance of family owned businesses has become ineffective. Literature specifies that inter-generational succession is the prime cause for succession failures. In this setting, current family owned businesses focus attention on finding alternative, profitable succession modes. The foremost purpose of this research was to compare performances of family and non-family successors. The target population was selected were the successors of family owned businesses. The criteria to select the population were the family owned businesses that contain between 50 and 149 employees and who were involved in a business succession process within the last 10 years excluding the three years, 2007 to 2010. Sample units were selected through simple random sampling method and consist of 128 units. The main data collection modes were a structured research questionnaire mail-out, and also in-depth discussions held with successors. According to study findings, not all successors were satisfied with the business succession process. Unrelated manager successors have higher satisfaction then the family member successors, but neither group exceeds the moderate level. This study found that if successors were not satisfied with the business succession process, it badly affected their following business performance. All successors lowered business performance efficiency and recorded worse performance than the incumbent. However unrelated manager successors recorded better results than the family member successor in both categories. Therefore, if family members are not available or prepared for business succession, unrelated manager are a good alternative. The Kelaniya Journal of Management, Vol. 3(2); 2014: 28-67

Post Succession Performance of Medium Size Family Owned Business in Sri Lanka