12 months Family businesses urged:Create succession plan now Manilatimes |Biz
CRAFTING an early and effective succession plan is necessary to maintain the sustainability of family businesses, according to a family business consultant. At the Pandesal Forum of the Kamuning Bakery Café in Quezon City on Wednesday, professor and Wong & Bernstein Advisory Group Executive Director Enrique Soriano 3rd said such a plan should be written into a contract to avoid a “squabble” among family members in case the father, who usually heads the business, dies. “We subject family business leaders [to an] iron-clad contract,” he said, adding that this should identify the deliverables of the succeeding business head.
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