Succession Planning Should Start Earlier Than You Think

Succession Planning Should Start Earlier Than You Think

Family businesses everywhere are responding to the succession challenge in profound ways. Preserving cherished family traditions and relationships is just as important as preserving the wealth of the family when it is time for succession. But can you wait too long to undertake family business succession planning?

In this video, also available as a podcast, Professor Mat Hughes and Dr. Mira Bloemen-Bekx talk about getting the early phases of family business succession right. This means how children are treated and indoctrinated from their early years, how they are encouraged to participate or seek education and experience, and the danger and frailty of primogeniture-driven succession (the first born as heir). Bloemen-Bekx also shares her insights from a rich study of succession among family businesses and the steps taken to managing succession proactively.

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Mat Hughes
Mat Hughes
Schulze Distinguished Professor and Professor of Innovation and Entrepreneurship / School of Business / University of Leicester
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Mira Bloemen-Bekx
Mira Bloemen-Bekx
Dean - Institute of Future Environments / Facility Management Nederland
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Cite this Article
DOI: 10.32617/893-640b5e93bd6a2
Hughes, Mat, and undefined. "Succession Planning Should Start Earlier Than You Think." FamilyBusiness.org. 10 Mar. 2023. Web 27 Feb. 2024 <https://familybusiness.org/content/succession-planning-should-start-earlier-than-you-think>.
Hughes, M., & Bloemen-Bekx, M. (2023, March 10). Succession planning should start earlier than you think. FamilyBusiness.org. Retrieved February 27, 2024, from https://familybusiness.org/content/succession-planning-should-start-earlier-than-you-think