A recent New York Times story reported that Hong Kong billionaire Li Ka-shing recently announced succession plans for his business empire, which is reported to be one of the largest in Asia. By doing so he set an example for other wealthy families grappling with succession planning.
According to the announcement, ownership and management of Li’s Cheung Kong Group will be transferred to his elder son, Victor. Li’s younger son, Richard, will receive funding to continue to build up his own assets. Though Li said he had no plans to retire, he made it clear that the arrangement was made to avoid conflict between his two sons.
Family businesses whose founders are preparing to pass ownership to the next generation must confront the need to plan, not only for management succession, but also for ownership succession. As the ReGENERATION Partners have seen many times, these decisions can be fraught with emotion and tension.
Often times, a real indicator of a successful business is when there is an established objective for the future of the company through a succession plan. ReGENERATION Partners has more than 20 years of experience in the family business consulting area. We have the knowledge and know-how that will allow us to help you promote success in your business and harmony in your family.
Call the ReGENERATION Partners today for more information!