This paper analyses succession in family firms from a contractual perspective. A firm is regarded as a nexus of contractual relations with owners, employees, suppliers of goods and services and customers. These contractual parties are in differing degrees tied to the firm through asset...

The succession process of small to medium enterprises (SMEs) creates lifelong dilemmas for entrepreneurs. Who would like to be reminded of his or her imminent mortality by the children's claim on the family company? One way to enhance the value of an enterprise is to ensure that family ownership...