Experts suggest having a protocol in place before succession, assessing candidates' readiness, and ensuring they have experience outside the family business.
The article discusses the importance of having a established protocol for succession planning in family businesses. Experts advise that families should evaluate potential successors before the transition occurs, ensuring they have the necessary skills and experiences beyond the family firm. This preparation helps in making an informed decision about who is best suited to take over the business.
An example highlighted in the article is of María Torretta, who grew up in her father's fashion business. Although she was exposed to the industry from a young age, she initially pursued a degree in Advertising and Public Relations to ascertain her passion for fashion. After graduating, she returned to the family business with a clear commitment, showcasing the importance of practical experience and education in determining suitability for leadership roles within family businesses.
The narrative reflects a broader trend among family-run enterprises towards professionalizing leadership by ensuring successors have diverse working experiences and are prepared for their roles before the handover. This approach not only secures the future of the business but also nurtures the next generation of leaders who can drive innovation and sustainability within the company.
