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Financial Times – Catherine Hongxia Zhu – Succession: Best Practices for Chinese Family Businesses
As China’s first generation of family entrepreneurs grows older, an increasing number of businesses are facing the thorny succession issue, reports the Financial Times’ FTChinese.com. The task of finding second generation leaders is complicated by China's one-child policy and the excessively rapid accumulation of wealth by many families. Can Chinese entrepreneurs break the curse of “Rich for Only 3 Generations”? In an interview with FTChinese.com, Egon Zehnder’s Catherine Zhu shares best practices adopted by successful Western family businesses related to selecting new leaders, effectively timing succession and transmitting a vision and values to the next generation. “Can you add great value and keep abreast of the times to bring your family business to the next level?" asks Zhu. In her opinion, "It all hinges on the potential of your people.”
For full article, please click: Catherine Hongxia Zhu: Succession: Best Practices for Chinese Family Businesses in the Financial Times (08 August 2016).