LEGACY 

What is family business succession?

Managing succession is one of the greatest challenges businesses face. By realising that it is a topic where the subjective perception trumps objectivity, and by accepting that there is no one right answer, family businesses can approach the issue with more structure, before it becomes a matter of urgency.

 ADDITIONAL READING 

Succession Articles

Family Business and the Succession Journey

Family Business and the Succession Journey

In major league baseball, the greatest players, on average, hit the ball three out of every ten times. That means even the best players have a 70 per cent chance of failing every time...
The Path to a Successful Transition

The Path to a Successful Transition

 “Someone's sitting in the shade today because someone planted a tree a long time ago.”   - Warren BuffettAny succession discourse must begin by confronting one sobering statistic: fewer than one in ten family enterprises make...
The Barrow Group: Five Generations of Construction in South Africa

The Barrow Group: Five Generations of Construction in South Africa

Over the course of its 121-year history, the Barrow Property Group grew from a small carpentry shop into one of South Africa’s leading property management and construction companies. Now in its fifth generation, the...
KNOWLEDGE: Longevity in the Family Business Context

KNOWLEDGE: Longevity in the Family Business Context

Judy Green, PhD, is president of the Family Firm Institute, an international professional association of individuals and organisations that advise and study multi-generational family enterprises. She is a frequent commentator on topics in the...
When Succession Goes Awry – Four Famous Examples of Failure

When Succession Goes Awry – Four Famous Examples of Failure

Whether it’s due to a lack of planning, an unwillingness of the founding generation to hand over power and decision-making, or a next generation that feels entitled to more, failed succession planning in family...