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The institutional context in which family firms operate influences their behaviour and performance, yet literature reviews seldom analyse family firms on a regional basis. To fill this gap, this review aims to present research on family entrepreneurship in the transition economies of the Visegrád countries (V4). In this particular group of European economies, the current formal institutions have largely evolved along Western European lines. However, the transformation of informal institutions appears to be still in its infancy.

In order to identify the most representative authors, the methodologies used, the main research topics and to establish a future research agenda, the authors selected, through a systematic process, 112 papers from the Web of Science up to the year 2022. The authors performed a bibliographic analysis using clustering algorithms, complemented by a traditional literature review.

The performance of family firms in transition economies has been the subject of very little research. The results allowed the authors to identify four main areas of research: governance, innovation, sustainability, competitive advantage and considering the influence of the region's characteristics on family business behaviour.

Studies from transition economies can contribute to a broader understanding of family firms in terms of the impact of the institutional environment (especially the influence of sociological changes and specific historical experiences of family members) on their long-term planning, socioemotional wealth (SEW) protection and ethics. In light of recent events, research from the region may also contribute to the understanding of how and to what extent “familiness” influences crisis management or socially responsible behaviour in family firms.

The purpose of this paper is to present the experience, successful management and the succession of generations in a Hungarian corporation in the food industry through the “Best Practice” model.

The chosen methodology for this paper is “The best practice model” prepared by The Solutionist Group. The model presents the characteristics of family businesses and illustrates how the process of sustainable enterprise differs in different fields concerning family and non-family businesses. In applying this model, the experience, successful management and the succession of generations will be presented in the case of a large Hungarian enterprise which has a determining role in the Hungarian food industry. The results are based on the question framework of the expert interviews.

The history of family-owned firms shows that in order to maintain appropriate business succession activity the family management has to plan in advance. Passing the baton to the next generation successfully is a complex and long-term family management role and it has strategic importance. To ensure business continuity, the successor has to take over the business and operate it well. That is why the sharing of knowledge, the innovation performance and the best practice are important parts of family company’s culture, and they consequently play an important part in the pass the baton project within family-owned firms.

This paper expands the knowledge about the succession of family businesses.