Purpose:

The objective of this study is to systematize aspects that characterize the process of generational succession in family businesses in South American countries.

Methodological design:

A bibliographic review with a quantitative approach and a descriptive scope is carried out using the Publish or Perish software.

Results:

Regarding the characterization of the generational succession process in family businesses in South American countries, five relevant aspects are established: 1) The main reason is determined to be the death of the predecessor, 2) the company is sold to a third party in third or fourth generation companies, 3) the dimensions to consider are property succession, wealth transfer, leadership succession, and preservation of family heritage and values, 4) the stages of the process and 5) family business models.

Research limitations:

Some of the limitations of this study are the type of database used, the number of results per search and the use of boolean operators.

Findings:

The qualitative approach predominates in research on generational renewal. The stages that must be carried out for the succession process are recognized; however, there is a gap between theory and empirical investigations. Therefore, theoretical and methodological insufficiency for the approach of generational succession is determined.