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

Building a Lasting Legacy: Nine Steps to Family Business Success

Building a Lasting Legacy: Nine Steps to Family Business Success

George Isaac's immersion in the success factors that define family businesses saw him move beyond his role as CEO of his own family's multigenerational enterprise and into consulting.In the interim, Isaac served both as a...
10 Capital Succession  Errors and 10 Ways to Avoid Them

10 Capital Succession Errors and 10 Ways to Avoid Them

No competitor, technological disrupter or economic downturn is as great a threat to family business survival as the transition from one generation to the next. We know that on average only two-thirds of family...
Resiliency in Family Businesses: A New Tool for Advisors

Resiliency in Family Businesses: A New Tool for Advisors

Editorial by Joseph J Horak, PhD, President, Family Business Solutions, Grand Rapids, USA; Entrepreneur in Residence and Honorary Teaching Fellow, Lancaster University Management School, Lancaster, UK A Portrait of Dysfunction in a Family Business Disconsolate and...
 Johnny Hallyday: An Illustration of Unprepared Succession

 Johnny Hallyday: An Illustration of Unprepared Succession

Editorial by Dr Ali Azouz, lecturer and researcher at IAE Nantes (LEMNA), Nantes University, France Since the death of France's most famous rock star, Johnny Hallyday, in December 2017, his family has become infamous. They've...
The Avoidable Destruction of a Family Business

The Avoidable Destruction of a Family Business

Longevity in the family business is a continuing challenge. Statistically, by the end of the third generation, 90 per cent of family businesses have failed. The statistics also reveal a glaring incongruency in resource...