Theoretical framework for family firm management

Purpose: The purpose of this paper is to find evidence contributing to construction of the dimensions of personal values, professionalization and succession, as well as proposing a new theoretical framework (model) showing the relations between these dimensions and their factors. Design/methodology/approach: A qualitative research approach was adopted, more precisely the case study method. Four Portuguese family firms were selected, with a total of 11 participants. The data-gathering techniques included the interview method, non-participative observation and documentary analysis. To ensure systematization and reliability of data, the content analysis method was used with the help of NVIVO software. Findings: Based on the results, eight factors were obtained explaining the professionalization dimension, the succession dimension was formed of four factors and the personal values dimension was made up of three factors. It was also possible to demonstrate the relationships between personal values, professionalization and succession in family firms. Practical implications: The results obtained here can provide information to help managers in this type of firm, for example, to know themselves better, about their values and beliefs and how these can help in their daily relationships, in both the family and business domain, as well as in decision making about aspects of succession and professionalization. Originality/value: This research makes important contributions to studies considering the family firm context. It will help to fill part of the gap in existing studies involving the psychological aspects in family firm management. It also presents important results about personal values and their relations with succession and professionalization of family firm management, as well as adding value to recent studies on the socio-emotional wealth of this type of firm.