When the next of kin is not keen: Navigating the challenges of family business succession
As leadership succession inevitable for most family businesses, one of the top-of-mind concerns amongst family business leaders is the passing of baton to the next generations.
Unfortunately, in the succession planning process, far too much attention continues to be paid to the technical component with far too little attention given to the people or non-technical component, according to Tai Lai Kok and Elliot Chaw, KPMG Private Enterprise – Family Business Services, Malaysia.
“While there is no doubt that these technicalities are important elements in the succession planning process, it is the effective management of the family component that will ultimately decide if the succession proceeds in a sustainable manner,” they opined.
Explore the three guiding principles to address the family component in succession planning via Business Today.
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