This study focuses on the transfer process and the importance of
human capital and succession planning as firm resource from the
seller’s perspective. It further differentiates amongst two types
of human capital - specific and generic - to predict the transfer
duration, obtained price and satisfaction with the transfer.
A representative dataset of 112 Dutch small firm owners, who
sold their firm in 2005 and 2006, is analyzed. Hierarchical multiple
regressions show that specific human capital, like flexibility, social
skills and market awareness predict transfer performance better than
generic human capital like general education. Results also indicate
that succession planning in business transfers is unrelated to the
objective transfer performance indicators transfer duration and
obtained price. Succession planning is strongly related to the
subjective transfer performance indicator satisfaction. Results also
show that familiarity between seller and buyer rather than kinship or
family ties is a key predictor for all transfer performance indicators.
