Generation on generation, the family business grows, changes, and adapts. As CEOs age and have the will to step away from the daily management of the business, family businesses must be ready to appoint new heirs.
Choosing the successor is not an easy process but in order to survive the family firm needs to continually evolve and develop as an organisation, remaining relevant and current to the audience which it is there to serve, and the needs of the business, and therefore the qualities needed of the CEO will also evolve over time.
A good insight into some of the challenges and things to think about. Well worth a read too!
Few companies survive and flourish based on their good fortune alone. It’s a great shame that fewer than one third of family businesses make it as far as their third generation of leadership. Clearly, what sets the successful ones apart is not simply one single thing. So here, given my role as the Chairman of my family business, the Mohamed Hareb Al Otaiba Group, I would like to look at how one can go about building on the past to succeed in the future. Because every decision made today, is also part of the legacy that belongs to your company –and family– for years to come.