The Levant Family Business Podcast – Emotional Dynamics in the Family Business I – Managing the Succession Process
Episode 7: Family Business Succession – Effortless Transition or Never-Ending Nightmare?
There comes a time when all businesses must develop and implement succession plans. Crucial for the longevity of the firm, this is a highly important process to get right. However, data shows that although family businesses have the best longevity rates, they are very vulnerable when it comes to the succession process. So how do firms get it right? How do you embark on such an emotional journey?
In this episode, we launch the Emotional Dynamics Podcast series with Rania Labaki (EDHEC Family Business Centre) by exploring how family businesses should approach succession to maximise their chances of preserving their legacy and securing continued success in the future.
What is often overlooked when it comes to succession?
“Succession is a dynamic process, it is very important during the process to look at the interests of the different family members; depending on their needs, their roles and their responsibilities. Family members have to be engaged in the process to ensure success during this transition”. – Rania Labaki
- What makes family business succession planning so special?
- What are the most important aspects of a successful succession process in a family business?
- What recommendations can we give family businesses that want to start a succession process(when to start/ how to start)?
Episode 7 creates a dialogue to explore this relevant topic with expert insights from guest speaker Professor Rania Labaki. Rania is Director of the EDHEC Family Business Centre and Associate Professor of Management at EDHEC Business School, where she teaches and conducts research at the intersection of the fields of finance, entrepreneurship and family businesses. This episode is hosted by Farida El Agamy, General Manager of the Tharawat Family Business Forum.
You can listen to the full series of The Levant Family Business Podcast at www.soundcloud.com/tharawat