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Preparation for Succession in Family Enterprises

In: Topics of Family Business Governance

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  • Hermut Kormann

    (Zeppelin University)

Abstract

The board should naturally be involved in preparing the succession in the leadership of the family-owned enterprise. Either the board is the authorized institution or, in a case where the authority is withheld by the shareholder assembly, could advise this assembly on such an important decision. If a family member is qualified and willing to assume the succession then he or she will have the preference. But then the “how,” the preparatory steps, and their timing, still need to be reviewed. To this end, one should reflect on the entirety of competencies a beginner in the profession needs to acquire as an aspiring executive and owner of a family business.

Suggested Citation

  • Hermut Kormann, 2021. "Preparation for Succession in Family Enterprises," Management for Professionals, in: Hermut Kormann & Birgit Suberg (ed.), Topics of Family Business Governance, edition 1, pages 137-142, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-030-58019-3_27
    DOI: 10.1007/978-3-030-58019-3_27
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