Overcoming challenges in family business succession

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Family Business Nouvelles

Family Business Succession

Family businesses hold a unique position in the business world, often representing a blend of tradition, innovation, and enduring values.

Central to their success and longevity is the process of generational transition, wherein leadership and ownership are passed down from one generation to the next. However, navigating these transitions presents a myriad of challenges that require careful planning, communication, and strategic foresight.

Successfully transitioning to the next generation is achievable, as demonstrated by the Lee Family, a notable example of effective succession within the business realm. Upon Lee Kun-hee’s incapacitation in 2014, his son, Lee Jae-yong , assumed greater responsibilities within the company. Despite challenges, including legal disputes and corporate scandals, the Lee family has demonstrated resilience and adaptability in navigating generational transitions while maintaining Samsung’s position as a global industry leader.

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