Despite an impressive number of studies on the culture effects of founder´s leadership style, researchers and practitioners overlooked the benefits and drawbacks that the founder’s shadow (set of ideas, habits, processes influenced by the founder’s vision and still present in the business’s daily life) might bring to second generation family businesses (Davis & Harveston, 1999; Schein, 1983). Succession is rather more than a question of assets. It is about values, social responsibility and the community (Mandl, 2008). This study aims to enlighten the long-lasting effects of the founder´s shadow in leadership as well as strategic management of a family business.