You toiled for your business to grow from nothing. Your next generation is a handful of sons and daughters. Next is a consortium of cousins. Justice is key to ensure that your business moves from generation to generation.
Owners who don t take a proactive approach to succession planning are setting their business and their heirs up for prolonged conflict and a high risk of failure.
Faber Castell formed in 1761 – the German pencil maker is run by the 9th Generation, The Muillez Family, France has a 100-year-old constitution. The Haniel Group, Germany has 650 family members as shareholders. Hoshi Inn keeping is run by the 46th Generation. Japan family businesses use son in laws or adopt a competent to bring in new blood. When a business lacks talented natural heirs, an adopted successor can inject new energy.