Family Businesses Survive When Leaders Learn to Let Go | Opinion
Summary
The article discusses succession planning in family-owned businesses and the effects leadership changes can have on employees, customers, suppliers, and local communities. It cites Deloitte research showing that many family businesses expect a CEO change but fewer than half have broad, developed succession plans.Key Facts
- Deloitte’s 2026 global family business research found that 40 percent of family businesses expect a CEO change within the next decade.
- The research found that 46 percent have broad, well-developed succession plans.
- The author leads a family-owned automotive chemicals company with four generations of family history.
- The article says succession may involve transferring ownership to a relative or selecting a leader based on experience and ability.
- It describes possible effects of an unprepared successor, including employee departures, declining product standards, and lost customer loyalty.
- The article says a sale to a private equity firm can provide capital and expertise, but raises questions about employees, product quality, and customer relationships.
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