Business owners want to ensure that family members, including future generations, share the family’s values and mission, have the professional skills necessary to succeed and are committed to the collective goals of the family and business. Even so, many businesspeople face the opposite scenario: family members might lack the competencies required to manage family assets independently, while a lack of constructive approaches can lead to conflicts and internal competition.
These challenges jeopardise the survival of assets, business success and profitability. As a result, succession planning is a critical component in ensuring continued successful operation of companies, protecting assets against mismanagement and, ultimately, safeguarding the business against failure.
BGP Litigation’s experts believe that succession planning should be divided into two key aspects: succession of management (addressed separately by the firm’s lawyers) and succession of ownership.