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Handling family business succession
For a family business to go through succession smoothly, it must first draft a constitution that clearly defines roles. A one-page CEO scorecard sets outcomes, decision standards and non-negotiable behaviours.
Recently, a close friend of mine who has known my family for the past 17 years asked me if I am grooming my son to inherit the family business, in a tone that sounded like she already knew the answer.
In our local culture, it is assumed that if a father spends years building a business, a son should automatically inherit it. For this reason, my friend expected that I would respond to her question in the affirmative.
