Decision-making during the business succession process: applied to agricultural family businesses in The Netherlands

By combining different disciplines such as entrepreneurship, psychology, and business administration, this
paper provides insights into the decision-making process involved in the succession of agricultural family
businesses. It offers an overview of how choices and decisions are influenced among all actors involved in
the process, including the incumbent, successor, non-succeeding family members, and both informal and
formal advisors. This overview creates practical insights to support a more successful business succession
process. Decision-making in business succession is influenced by several factors such as business systems and
culture, as well as mutual relationships, personality traits, behavioral patterns, and habits of those involved.
Communication and trust, between both succeeding and incumbent family members, are important aspects
that can lead to a successful process. When family relationships are strong, there is a better chance that the
social-emotional aspects of business succession do not become a bottleneck. Financial, tax and legal issues
can often be resolved if the social-emotional foundation is solid.