When outgoing family CEOs mentor their successors within the family, the business is more likely to remain financially successful, according to an Italian study published in Strategic Entrepreneurship Journal, a publication of the Strategic Management Society. The researchers found that the impact of mentoring is even greater when the company’s board of directors includes non-family members to impart their perspectives.

The study examined 1,787 Italian family businesses over 14 years. The research, led by Fabio Quarato of Bocconi University, found that family companies perform better—especially in the short and medium term—when new family CEOs have received guidance from their predecessors.