Panel Member Family Governance: Can you beat the 'Midas Curse' of Failing Family Business Succession ?

10 December 2015

Ineke contributed to the Panel 'Frameworks for Family Harmony and Next Generation Succession' during the STEP 2015 Special Interest Session in London at 10 December 2015.

There is an old saying in business that if you fail to plan, you plan to fail. Nowhere is this more true than for family businesses. And yet, despite t he many benefits of having a succession plan in place, many companies simply neglect to develop one, giving fruition to failure.

Ineke is part of the worldwide Philanthropy Advisors Group of STEP and integrates with the Family Business SIG of STEP in order to overcome the 'Midas Curse' of failing the transition to the next generation (70% does, only 10% of all family businesses survive to the 3rd generation). Family businesses that have been succesful throughout generations all have strong values, solid family governance and are often active in philanthropy. Despite the proven benefits of these features and havingt a clear succession plan in place, no more than 16% of family firms globally have such plans.

Ineke has explained that the professional secrecy rules of lawyers are a part of the problem and how in practice estate lawyers and planners are able to overcome this, if they feel apt to it.

Read more: SIG Event Flyer 10 December 2015