Jeremy Cheng explains in an article published by Bloomberg magazine why the Lui family, an enterprising family in Hong Kong did a good thing in laying down a plan for succession before the patriarch’s death.
In this article originally published in FFI Practitioner, our Advisor Jeremy Cheng explores the dynamic nature of legacy within family enterprises and the critical role of governance in its evolution. He emphasizes that legacy is not a static inheritance but a co-constructed entity shaped by interactions between legacy “senders” (e.g., founders) and “receivers” (e.g., successors).
Family leaders must have the courage and stamina to create an inclusive, participative, and results-driven culture in the family and business, supported by the right policies and systems. Such a foundation will set the stage for a family legacy which both sustains across multiple future generations, and grows along the way with each group driving growth and diversification and making its own mark.
Why is it hard to find good successors? We believe that the root issues occur earlier in the lives of next-gen members, linked to the manner in which they experience their family’s wealth and legacy during adolescence and early adulthood.
In light of the many crises that haunt the daily news cycle, there is one segment of the corporate landscape that seems to be weathering the storm better than most: family businesses.
Tools for the next generation to approach the retirement conversation tactfully with patience, strategy and smarts.
Succeeding Generations provides a thoughtful and comprehensive look at the sensitive dynamics of leadership succession in family businesses.
Consequences of poor succession planning can be harmful both for family owners but also for many key stakeholders like employees, suppliers, and customers.
Devin DeCiantis and Sam Bonsey, discuss the role of responsible capitalism in the family business and how it can be promoted.
Devin DeCiantis describes four strategies that family business leaders can use to navigate a crisis.
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