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Although there are many variations in the definition of diversification, it would be only appropriate to provide some form of definition for the reader. Corporate diversification in its broadest sense can be defined simply as the entering into a new business activity by an existing business entity. This definition is expounded upon by many of the leading corporate diversification researchers to include references to the method of entering the new business (whether it be through acquisition, internal development, etc.), the driving forces behind the diversification (i.e., synergy, resource sharing, risk reduction), and the levels of relatedness between the company's present product line and market to that of the new businesses' products and markets.

Localization accuracy is a key concern in the design of a fixture to specify a locating scheme and tolerance allocation. This paper presents an analysis describing the impact of localization source errors on the potential datum‐related geometric errors of machined features. The analysis reveals the error sensitivity and error characteristics of critical points of multiple manufacturing features. It shows the importance to consider the overall error among the multiple critical points in fixture layout design. This paper also suggests an optimal approach to the locator configuration design for reducing geometric variations at the critical points of machined features.

The purpose of this paper is to explore the under-researched family-external business succession process. It makes use of entrepreneurship theory in order to conceptualize this temporal process. This allows for an operationalization of entrepreneurial functions and tracking them during the two main phases of such processes. This study provides a starting point for further endeavors into researching family-external succession processes.

This paper is based on an explorative, quasi-longitudinal, qualitative and multiple case-study approach. It became possible to create trust with stakeholders in three family firms and to conduct face-to-face interviews with a total of 12 interviewees, generating over 300 transcript pages. The case interviews were validated through two expert interviews. A priori research propositions were tested and modified, if deemed necessary.

Entrepreneurial functions during the two main phases of the process seem to be carried out and aligned depending on several influencing factors: delegation of responsibilities from owner-managers to qualified employees; incumbent owner-managers being heavily involved in the succession’s facilitation and neglecting some entrepreneurial functions; and as a result new owner-managers being forced to prioritize certain functions in the second phase.

This paper benefits from a rather unique access to three family firms undergoing succession in the DACH-region. Therefore, it became possible to study the family-external succession process by including various stakeholders involved. Such an inclusion of perspectives has been suggested by family business scholars for a long time.