The aim of this study is to compare successions and business transfers on farms and on other small rural enterprises. The special interests are in leadership and knowledge transfer and in business renewal.

This research is a multiple case study. Data was acquired by theme interviews. The sample consists of 12 business transfer cases including six farms, three micro firms and three SMEs. There were 26 interviews and 32 interviewees. The interview material amount to a total of 20 hours and 35 minutes. About each case was written a few page story. The data was analyzed using content analysis methods.

Economic situation on the farms is poor. Partnerships and limited liability companies have become an essential part of farms business transfers. In addition, taxation and support policies play an amazingly important role in farm business transfers. Related to all business transfers in this study, leadership transfer takes place gradually over the years or at once by the time of business transfer. Related to knowledge transfer, on the farms knowledge is transferred over several years or even decades. On the other firms knowledge transfer is more case specific. In assets deals knowledge transfer seems to take place over a few meetings.

This study highlights the importance of business renewal after the business transfer. This is in line with earlier studies. In addition, according to this study it is important to develop business also during the business transfer negotiations. After the business transfers, one of the key challenges to the leadership is gradual business renewal and it applies to all cases in this study.

Existing entrepreneurs should contact business transfer experts at very early phase in order to cooperate with this expert when preparing and implementing business transfer. Acquirer should pay particular attention to target business employees and show them appreciation and trust. Both economic and non-economic issues need attention in business transfer negotiations.