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succession planning

Financial crisis delays family business succession planning for Baby Boomers

February 3, 2016

The global financial crisis has messed with retirement timelines in family businesses, according to research out of the US, as Baby Boomers have focused on keeping their businesses afloat rather than succession planning.

Despite the fact that 62% of senior-generation owners plan to pass on their business within the next decade only 35% have a clear succession plan, the Kreischer Miller report said. Over half (51%) do not have a succession plan at all.

Succession planning in boards’ hands in top family businesses, report finds

November 12, 2015

The bulk of successful family businesses place responsibility for succession planning with the board of directors, according to a new report, with shareholder councils and the chief executive the next most popular options.

Preparing or procrastinating?, released by EY, also found that boards of directors are more likely to prioritise next generation education and preparation.

Lodha Group follows common Indian succession plan by splitting business

July 23, 2015

Indian family real estate business Lodha Group will be split into two entities to ease succession planning into the second generation – a strategy that is common in India, according to a family business academic based in the country.

Lodha Group chairman and founder Mangal Prabhat Lodha plans to appoint his eldest son, Abhishek, 36, to the helm of the real estate business, while his younger son, Abhinandan, 33, will head a new financial services business.

First generation family businesses in Asia unprepared for impending succession

June 22, 2015

More than four-fifths of Asian family businesses do not have a succession plan in place despite the majority expecting to handover to the next generation within five years, new research has revealed.

More than four-fifths of Asian family businesses do not have a succession plan in place despite the majority expecting to handover to the next generation within five years, new research has revealed.

Lessons on family business succession from Rupert Murdoch

June 19, 2015

The Murdoch family likely had a considerable amount of discussion and debate about the succession of brothers James and Lachlan Murdoch to the helm of 21st Century Fox, a US family business expert says, and did well to keep those discussions contained.

Earlier this month it was revealed that Rupert Murdoch was standing back as chief executive of the movie and entertainment studio, appointing his sons to top positions within the company, with James becoming chief executive.

Viacom’s Sumner Redstone, 91, hits back at succession planning rumours

May 8, 2015

Nonagenarian Viacom and CBS chairman Sumner Redstone has been forced to release a statement that he has no plans to retire, following media speculation he is in poor health.

Nonagenarian Viacom and CBS chairman Sumner Redstone has been forced to release a statement that he has no plans to retire, following media speculation he is in poor health.

Redstone added that despite press reports to the contrary, no decision on his successor had been made.

Women in leadership and robust succession planning among hallmarks of successful family businesses

May 1, 2015

The overwhelming majority of successful family businesses have a clearly identified individual responsible for succession planning, and 70% are considering a woman for their next CEO, new research has found.

Daughters giving primogeniture the boot, new report says

October 29, 2014

Primogeniture is no longer the norm when it comes to succession planning, a new family business report reveals, with daughters and younger siblings worldwide increasingly taking up executive positions.

Glazer succession plans in place following patriach’s death

June 2, 2014

Malcolm Glazer’s long established estate succession plan for the two sports teams he owned will ensure they remain with the Glazer family for generations to come, the family has said in a statement.

Malcolm Glazer’s long established estate succession plan for the two sports teams he owned will ensure they remain with the Glazer family for generations to come, the family has said in a statement.

Malcolm Glazer, the US real estate mogul and owner of Manchester United and NFL team the Buccaneers, has died aged 85.

The Buccaneers made a statement on their website about the future of the team.

Report finds wide variance on European succession tax treatment

May 14, 2014

Basing a family business in Cyprus or Poland instead of Denmark or France could significantly alter the tax burden on the next generation following succession, according to new analysis released by KPMG and European Family Businesses.