Succession
The ancient religious trust known as the Jerusalem Islamic Waqf is coming back into vogue in Dubai. Not only are waqfs a way for families to set up charitable foundations and launch their charitable funds, they are also popular among family business principals who want to organise their inheritance in confidence.
Most business owners will agree that having a succession plan in place is critical, though often challenging, even in the best of times. But Michael Wagner, co-founder of the family-owned, Florida-based Omnia Family Wealth asks what happens when the heirs of the business have different needs, talents, goals and involvement in the family’s business?
The loss of billionaire heir Karl-Erivan Haub brings home the need for families to prepare robust succession plans to ensure their businesses survive, experts say.
With an estimated $4 trillion expected to be passed down within a generation in North America and the UK alone, robust succession planning is paramount—but it can cause dilemmas. What are the options for those family business owners who are now approaching retirement, but whose children and grandchildren are either interested in pursuing alternative careers or too young to take on the business?
Time is running out for 100,000 small and medium sized enterprises in Germany which plan to complete their succession plans by the end of 2019, but either have not found a successor or have not yet started to search for one.
Hong Kong’s highest profile family business patriarch is to retire in May, passing several chairman roles to his 53 year-old son, Victor.
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