7.
Transfer
Plan for the Transition to the Next Generation
In the beautiful opening scene of The Lion King, newborn Simba, the presumptive heir to the throne, is held aloft to all the animals of the African savanna, and they bow in reverence. “A king’s time as ruler rises and falls like the sun,” Simba’s father, Mufasa, later explains. “One day, Simba, the sun will set on my time here, and will rise with you as the new king.” The idea that the father can transfer power to Simba is a premise the tale explores.
Many family business owners seem to have this idea in mind as they consider exercising their right to transfer their ownership to the next generation. One clear successor will head the business, the ownership group, and the family; others ...
Get Harvard Business Review Family Business Handbook now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
