Determinants of Succession Planning in Sri Lankan Family Businesses: A Qualitative and Quantitative Analysis of Owner, Family, and Business Attributes

Sithuni M. Jayasekara; Sarath S. Kodithuwakku; Viraji W. Jayaweera; Eranga K. Galappaththi

doi:10.55845/jos-2026-21123

Authors

Sithuni M. Jayasekara Virginia Polytechnic Institute and State University https://orcid.org/0009-0005-4785-8631
Sarath S. Kodithuwakku Department of Agricultural Economics and Business Management, University of Peradeniya, Sri Lanka https://orcid.org/0000-0001-6174-5995
V.W. Jayaweera Department of Agricultural Economics and Business Management, University of Peradeniya, Sri Lanka https://orcid.org/0009-0007-7420-7257
Eranga K. Galappaththi Department of Geography, Virginia Polytechnic Institute and State University, USA https://orcid.org/0000-0002-3926-2206

DOI:

https://doi.org/10.55845/jos-2026-21123

Keywords:

Family Business, Succession, Family Business Succession Planning, Successor, Sri Lanka

Abstract

This study examines the prevalence and determinants of succession planning in family businesses in Sri Lanka, addressing a critical gap in empirical research within developing-country contexts. Family businesses play a vital role in economic growth, employment generation, and wealth creation; yet their long-term sustainability is often threatened by inadequate succession planning. Using a mixed-methods approach, the study combines quantitative data collected from 84 family business owners in the Gampaha Municipal Council area with qualitative insights from in-depth case studies that provide contextual insights into succession planning practices. The findings reveal that only 57% of respondents have undertaken at least one step toward succession planning, highlighting that a significant proportion of family businesses still lack formal planning. Binary logistic regression analysis shows that succession planning is significantly influenced by the owner’s level of education, family cohesion, family commitment, family involvement, business age, and business size. Notably, family cohesion demonstrates a negative relationship with succession planning, suggesting that strong emotional bonds may reduce the perceived urgency for planning succession. In contrast, higher education levels, stronger family commitment, greater family involvement, and larger and older businesses positively influence the likelihood of succession planning. The study contributes to the literature by providing integrated empirical evidence across owner, family, and business dimensions of family businesses. The findings highlight the need for proactive and structured succession planning practices to ensure intergenerational continuity and sustainability of family businesses in developing economies.

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Author Biographies

Sarath S. Kodithuwakku, Department of Agricultural Economics and Business Management, University of Peradeniya, Sri Lanka

Prof. Sarath S. Kodithuwakku, a Senior Professor attached to the Department of Agricultural Economics and Business Management, Faculty of Agriculture, obtained his BSc in Agriculture with a specialization in Agricultural Economics from the University of Peradeniya, Sri Lanka, in 1990. He earned his Masters of Business Administration in Marketing and PhD in Entrepreneurship from the University of Stirling, UK, in 1993 and 1997. He founded the MBA programme offered by the Postgraduate Institute of Agriculture (PGIA), the University of Peradeniya, in 1998. Historically, this was the third MBA programme initiated by a State University in Sri Lanka and the first MBA programme offered outside Colombo. He was the founder coordinator of the programme and still serves as the Coordinator of the MBA programme. He has served as the Head of the Department of Agricultural Economics and Business Management for four terms and the Chairman of the Board of Study in Business Administration, PGIA, before becoming the Dean of the Faculty of Agriculture, University of Peradeniya, the Premiere Faculty of Agriculture in Sri Lanka. At the national level, he has been serving as the President of the Institute of Management of Sri Lanka (IMSL), the premier professional institution for Sri Lankan management professionals, since 2017.
Eranga K. Galappaththi, Department of Geography, Virginia Polytechnic Institute and State University, USA

Eranga K. Galappaththi is an Assistant Professor at Virginia Tech, USA. His research focuses on human geography, climate change, Indigenous peoples, sustainability, and human–environment interactions, with particular attention to how Indigenous communities experience and respond to social–ecological change. He has established long-term, community-based participatory research partnerships with 11 Indigenous communities across the Global North and South, including Vedda communities in Sri Lanka and Inuit communities in the Canadian Arctic. As of January 2025, he has published 36 peer-reviewed journal articles, including 18 first-authored publications, in leading journals such as The Lancet Planetary Health, Nature Climate Change, and One Earth, along with three book chapters. His work has also contributed to United Nations assessments (IPCC, FAO), and he currently serves as an Associate Editor for Cambridge Prisms: Coastal Futures.

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