As family businesses continue to diversify, succession has become a core concern. Older generations of leaders understand that ensuring the long-term prosperity of their businesses requires meticulous succession planning and the development of capable and committed successors.
The company first established a dedicated succession planning team, comprised of family elders, core executives, and external professional advisors. Together, they developed a comprehensive and systematic succession plan encompassing key aspects such as corporate governance structure, equity distribution, and business handover.
In adjusting its governance structure, the company decided to introduce a professional manager system, gradually establishing a more standardized and professional management system. However, this change sparked concerns among some family members, who worried that professional managers would weaken the family's control over the company.
"We need to look at this issue with an open mind. Professional managers can bring advanced management experience and concepts, which will contribute to the long-term development of the company. At the same time, we can ensure the core interests of the family through a reasonable equity structure and supervision mechanism." The elders in the family patiently explained to the members who had doubts.
Equity distribution is a sensitive issue in succession planning. To balance the interests of family members while encouraging the next generation to actively participate in the company's operations and management, the succession planning team, after repeated deliberations, developed a fair and reasonable equity distribution plan. However, during the implementation of this plan, some family members expressed dissatisfaction with their respective equity allocations, sparking internal family conflict.
"Everyone should understand that equity distribution is not for satisfying personal short-term interests, but for the overall stability and sustainable development of the company. We must proceed from the overall situation and jointly maintain family unity and the future of the company." The company's core executives worked hard to mediate conflicts at the family meeting.
Business handover is a top priority in succession planning. To ensure the next generation can smoothly take over the company's core business, the company has tailored a series of training programs for them. These new employees are assigned to various business departments through rotational internships, learning business knowledge and management skills from experienced senior executives.
However, during the internship, some of the new generation performed unsatisfactorily due to their lack of practical experience and hard-working spirit.
"Young people must put aside their airs, learn with an open mind, and be down-to-earth in order to truly master the business operations of a company." The predecessors have put forward strict requirements for the new generation.
At the same time, companies also provide a variety of training courses and learning opportunities for the new generation, including leadership training, industry seminars, and visits and exchanges with well-known domestic and foreign companies. However, some new generations do not cherish these learning opportunities and are not very motivated.
"You must understand that these opportunities are hard-won. They are for you to grow as quickly as possible and shoulder the future responsibilities of the company." The elders in the family taught earnestly.
To inspire a sense of responsibility and mission among the younger generation, the company organized family history and corporate culture heritage events, allowing them to gain a deeper understanding of the family business's development history and entrepreneurial spirit. However, some of the younger generation showed little interest in the family's history and culture, leading to low participation.
“The family’s honor and traditions are our foundation. You must keep them in mind, pass them on and carry them forward.” The company’s founder personally tells the family story to the new generation.
In addition, companies encourage the younger generation to innovate and change based on the legacy. Some of the younger generation has proposed new business development ideas and management models, but due to conflicts with the older generation's ideas, they have not received sufficient support and recognition.
"We must respect the ideas of young people and give them space to try and explore. At the same time, we must guide them to follow the core values and strategic direction of the company in innovation." The inheritance planning team emphasized when coordinating the views of both parties.
After a period of hard work and adjustment, some of the new generation have gradually demonstrated outstanding abilities and potential, playing an important role in the operation and management of the company. However, some of the new generation still need more time and training to grow.
“传承是一个长期的过程，我们要有耐心，相信新生代一定能够接过接力棒，带领企业走向新的辉煌。”企业的领导者对未来充满信心。
未来，家族企业将继续完善传承规划，加强新生代的培养，为企业的世代传承和持续发展奠定坚实的基础。
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