These three categories would appear to capture the key variables affecting
transitions and over which the family firm has some direct control.
There are, of course, a number of “external variables” also influencing transition success,
such as market demand conditions,
the state of the economy, buy-out offers from potential suitors,
and financial pressures from lenders and other resource suppliers.
It should also be noted that there are potential overlaps among the three proposed categories of variables.
For instance, a good succession plan may result in heirs that are better prepared.