Hubbis quotes Jeffrey Lee on succession planning
Families worldwide are increasingly recognising the importance of preparing the next generation for leadership and legacy.
Effective succession planning goes beyond simply passing the baton; it demands a comprehensive approach that encompasses education, mentorship, and the cultivation of both hard and soft skills.
In an exclusive Hubbis report, a range of legal experts delve into the strategies that business families must embrace to ensure the next generation is fully equipped to uphold and advance their family’s legacy.
Jeffrey Lee, Private Client Partner and Head of our Singapore office, speaks to Hubbis on whether wealthy families in Asia are sufficiently equipping the next generation for leadership and legacy...
See a snippet of the interview below:
Q: Are business families doing enough to prepare the next generation for succession, ownership and control of the business?
Jeffrey comments:
The degree to which each business family is prepared varies, but I believe that business families in our region can do more to prepare the next generation for succession, ownership and control of the business. Our region has enjoyed a meteoric, but recent, economic rise. This has also meant that succession is a relatively nascent concept whilst many enterprises remain firmly in the hands of their first or second-generation founders. Further, culturally, discussions around succession may still be a taboo topic.
Those that do engage in succession planning tend to prioritise the development of successors’ ‘hard skills’ and can do more to develop successors’ ‘soft skills’ (e.g. leadership and communication skills) which are crucial to the longevity of the business. Involving the next generation in the business early on and ensuring adequate mentorship from prior generations of the business are ways that may enhance the preparedness of business families for succession.
Read the full piece in Hubbis here.
