Reframing succession in a disruptive era - a business family perspective
The International Family Offices Journal
Vol. 5 - Iss. 2 pp. 6–11
A new look at succession planning, from Hong Kong authors Roger King and Jeremy Cheng. Their article title refers to our unsettled times: ?Reframing succession in a disruptive era - a business family perspective?. The authors are concerned that the traditional views of succession - as in to whom the baton should be passed - are not sufficient for success in these changing times. They say they will ?demystify what a true family legacy means, which should not be the business per se, but the family's entrepreneurial DNAs, shared identity and values, and an enduring pool of resources?. Overall, they argue that the necessary evolution is from being a ?family business' to being a ?business family'. The article is carefully researched and contains a wealth of advice - including advice on expanding the role of a family office: We believe that with a much-needed ?upgrade' in their functionalities, family offices can catalyse the transition from a family business to a business family and enhance the odds of successful succession. While families set up their family offices primarily as a one-stop shop for wealth management, they should also embrace governance, education and social functions.