This dissertation deals with the incumbent's commitment to the family firm and the degree of formalization of a succession plan and how trust and kinship strengthen or weaken the relationship. This dissertation argues that the incumbent's commitment (affective, normative, continuance) plays a critical role in the degree of formalization of succession planning. Scholars are still searching for what elements are essential drivers for the succession planning process. Furthermore, I examine how affective trust, cognitive trust, and kinship moderate the relationship between the incumbent's commitment to the family firm and the degree of formalization of succession planning. The data partially supported the conceptual model in that affective commitment was positively and continuance commitment was negatively associated with the degree of formalization of succession planning. Additionally, moderator effects were observed in the main and post-hos analysis. Findings and implications for future research are discussed.