Succession is often viewed as a pivotal moment in a family business’s lifecycle. Yet, when approached proactively, it becomes much more than a leadership handover – it becomes an opportunity for refresh, realign, and continuity. The key lies in how families prepare for this transition and how they engage across generations to shape a shared future.
Embedding trust through inclusive governance
Trust and mutual respect are key to successful intergenerational collaboration. When embedded into governance structures, these values bridge generational gaps and foster a shared commitment to building something better together.
Inclusive governance – through family councils, advisory boards, and rising generation committees – signals a commitment to transparency, shared decision-making, and continuity. These forums ensure all voices, regardless of age or experience, are heard and valued.
Inviting younger family members into governance conversations early helps them understand the business’s values, strategic direction, and leadership expectations. This inclusion fosters ownership and accountability, while providing older generations a platform to mentor and gradually transition responsibilities. It also helps younger members develop confidence and clarity about their potential roles, reducing uncertainty and strengthening their connection to the business.
Governance becomes a mechanism for knowledge-sharing and collaboration when other generations are invited to contribute. It supports a culture where all generations feel empowered, and this is especially important today, as younger generations bring fresh perspectives on technology, sustainability, and social impact.
Report
Family Business Report 2025
Succession as a collaborative journey
Succession planning is no longer just about identifying the next leader or a plan for retirement. Each generation brings unique perspectives shaped by their experiences and worldview. Aligning these viewpoints requires intentional dialogue and a willingness to listen, learn, and adapt.
Families that invest in structured conversations are better positioned to develop a shared vision for the future. These discussions shift succession from a decision by one person or generation to a collaborative journey, strengthening trust and ensuring transitions are both respectful of the past and responsive to future aspirations.
Effective governance frameworks bring together voices from across generations, ensuring succession plans reflect both historical context and future ambitions. This allows families to define leadership criteria, establish transition timelines, and clarify roles in a way that is both practical and forward-looking.
Succession planning in family businesses is evolving. It’s no longer a single event, but a continuous journey shaped by collaboration, shared values, and strategic foresight. When families engage in open, cross-generational dialogue supported by robust governance, succession becomes a proactive strategy for long-term sustainability.
We’re here to help
Our recently published 2025 Family Business Report identified succession planning as the top concern for family enterprises. To ensure a smooth process, developing a tailored family governance framework is a critical step in preparing the next generation for leadership. At Grant Thornton, we provide expert facilitation to guide families through this process – bringing objectivity, asking the difficult questions, and helping align around shared values and priorities.
Our team of accredited family business advisors offer ongoing support to embed governance into everyday practice, ensuring it remains dynamic and responsive to the family’s evolving needs. Whether you're initiating succession planning or refining an existing strategy, engaging a facilitator is a strategic move toward building a legacy for generations to come.
Article contributed to by Priscilla Ly – Private Business Tax & Advisory
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