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Family businesses are an important group of enterprises within the small and medium-sized (SME) sector; many of the world’s large enterprises are also family businesses. Although no statistics are complete enough to map the presence of family businesses throughout the world, many studies conducted in different countries have confirmed the weight these businesses carry in national economies (Astrachan & Shanker, 2003; IFERA, 2003; Mandl, 2008). In the past, family businesses were often perceived to be the weakest type of enterprises; if they were successful, it was concluded that such success was despite their family character (Mandl, 2008, 7). Nowadays, family businesses are gaining in importance in public and policy discussions, which is especially true for the European Union (EU). The most recent proof of the acknowledged important role of family businesses for the employment growth and economic prosperity of the EU economy is the Small Business Act (2008), in which special attention is given to family-owned enterprises and the issue of business succession (first principle of the Small Business Act).

Family Businesses: The Extensiveness of Succession Problems and Possible Solutions