En undersøgelse af familievirksomheders muligheder for at bevare viden ved ledelsesskiftWhat are the implications of different knowledge-based assets?
How family firms succeed in transferring strategically relevant knowledge from one generation to the next is the core question in this paper. In this context we differentiate between situations in which a family member takes over and such situations where an external successor is selected. Here we built on previous research that developed the contingency model of family business succession in order to understand when family successors are preferred because of their family-specific experiential knowledge. A case study analysis from the German-Danish border region explores how a family firm has used internal successors for the last 12 successions. We argue that in industries where tacit knowledge forms the basis for competitive advantage, the use of internal successors can help family firms excel after a transition of power has occurred. Theoretical and practical implications are discussed to enhance the long term perspective for family businesses