What would you do if you only had one child to be the family member on whom you bestow your family’s business? This is commonplace in China, where there is a one child maximum policy. Sibling rivalry will not be a dynamic with which you have to deal. However, what if your child is not interested in being involved in your business? See further comments below of how one family is handling succession in this article from the Campden Family Business.
In the Chinese culture, creating and passing on a legacy in the family is culturally very important. This is the attitude that created and maintained dynasties through the centuries. often the patriarch’s scope of succession was not focussed just on the next generation but was intended to benefit multiple generations….long term planning.
From this, you may think about your succession plans in the context of 30-50 years. This may be difficult, especially in this world of rapidly changing and evolving technologies. Remember that succession is all about the journey and not an end in itself.
Learn, think, apply!
Recent Comments