When To Give Up Control And Other Tough Family Conversations
Succession is a crucial topic for family businesses and family offices today – but the fact that the latter have emerged relatively recently means founders often lack a succession plan or idea of best practices for passing them on to the next generation, and also may have reluctance toward letting go of control. “We are seeing improvements [in succession planning] but ironically the emergence of family offices has delayed succession because family offices are places where a patron can still run something. It is enabling people looking for relevancy to have another outlet for that,” says Wingspan founder Christina Wing in this interview with Family Wealth Report. Read more about Christina’s best practices for succession planning and Next Gen onboarding – as well as her insights on the growth of Family Offices in the Middle East from her recent trip to the region.