Family, Legacy, and Change: Succession Stories of Taiwanese Businesses

This study investigates sustainable management and intergenerational succession in Taiwanese family businesses by comparing centennial and non-centennial enterprises. Specifically, it asks: What are the key differentiating factors in the succession strategies of centennial versus non-centennial Taiwanese family firms? A qualitative case study approach was employed, drawing on six representative companies—three with over one hundred years of history and three with less than one hundred years. Cross-case comparative analysis was conducted between March 2024 and May 2025 through in-depth interviews with business leaders. The findings reveal three interrelated constructs crucial for successful succession: succession and business philosophy, product and technological innovation, and market expansion. Centennial enterprises emphasized the transmission of cultural values and spiritual legacy, while non-centennial firms prioritized professional skills and adaptability to market conditions. Despite these differences, all cases demonstrated a dynamic balance between tradition and innovation, as well as long-term sustainability planning. This study contributes to family business literature by integrating succession theory with dynamic capabilities theory, offering actionable insights for enhancing succession success rates in Taiwan, where only 13% of family firms transition successfully to the third generation.