Recent surveys have unveiled a resounding consensus among family business leaders: the imperative to explore untapped territories ranks among the top priorities for strategic evolution.
This article discusses the different experiences of family business wealth inheritors. For some, the experience gives them purpose. For others, wealth is a double-edge sword. Find out how to guide the next generation to find a meaningful path of their own.
This article, “Merit or Inherit: How to Approach Succession in a Family Business,” written by Josh Baron, Senior Lecturer at Harvard Business School and Co-Founder/Senior Advisor at BanyanGlobal, and originally published by HBR.org, describes a path to succession using a blend of both the “merit model” and the “inherit model." Using both models is far more likely to set the next generation of family members up to succeed.
Only 10% of the world’s top family businesses are led by women, but the numbers are rising.
The author discusses how running a business and a family unit with an eye toward diversification is the best way to ensure a family’s legacy and, ultimately, the enjoyment of the fruits of the family’s labor for generations to come.
In order to survive and thrive across generations, family businesses must not only identify those individuals who express interest in leading the firm, but also better understand how to successfully prepare the next generation of leadership.
The second session in the symposium includes a panel discussion titled Leadership Transition to The Next Generation.