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Succession
Billionaire Ray Dalio to set up family office in Singapore, Gregg Lemkau quits Goldman Sachs to advise Michael Dell's investments, next-generation chairman Koo Kwang-mo shakes up LG Corporation.
The next generation principal of the office park developer GAR Corporation expects India will recover economically in 2021, but is unconvinced remote working will become a permanent fixture.
It was family business as usual. Two founding brothers running their enterprise with their four children—two daughters and two sons—in different stages of being groomed to take up important positions. The elders continued to occupy leadership roles and their trusted advisers made sure that the power of decision was always retained by them.
Hoshi Ryokan from Japan, C Hoare & Co from the United Kingdom, De Kuyper Royal Distillers from The Netherlands and Mellerio dits Meller from France are some of the oldest companies in the world. While they represent diverse industries, from hospitality and banking services, to royal heritage distillery and luxury jewellery, they all share one common model. As family businesses, they managed to navigate multiple crises and build resilience over generations.
The Covid-19 pandemic and its social and economic reverberations are triggering particularly salient challenges for family businesses. The first one relates to family business succession.
Entrepreneur Crystal Call Maggelet led her father’s petroleum empire out of crises and into a secure diversified future, ready for her next generation to eventually take over.
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