Family-run Firms and Generational Handover: the ultimate role of stakeholders

Aim of this paper is to highlight the peculiarities of the succession in family-owned businesses operating in different fields and to discuss the common difficulties encountered by second and third-generation entrepreneurs during the succession process. The research is conducted with the use of the Delphi method and in this respect, a qualitative approach - in which participants respond to open questions generating ideas - is be used to form the questionnaire items for the subsequent quantitative rounds. Using direct interviews, the Authors collected information about the different role played by the multiplicity of stakeholders involved. The research findings show that the relationship between the incumbent and the successors is mediated by the influence of the many stakeholders involved that contribute to the balancing of the management process of the generational handover. The companies interviewed have shown they know how to effectively manage the two souls: the economic, market and managerial one on the one hand, and the relational and emotional one on the other.