Professionalizing entrepreneurial firms: Managing the challenges and outcomes of founder‐CEO succession

Research summary The transition from a founder‐led start‐up to a professionally managed firm entails significant change in the firm's organizational design. This transition can constitute a critical juncture for the entrepreneurial firm, and there is a risk of losing key talent. We posit that limiting the disruptive effect of changing organizational structures requires organizational members to not only adopt new roles but also embrace new...