Thu, 04 Dec 2025

Thu, 04 Dec 2025 How family firms can best plan for succession

The Murdochs had a much-reported inheritance battle, but smoother transitions are possible.
1. Walker's Shortbread:
* Nicky Walker, great-grandson of founder Joseph Walker, has a "cousins consortium" model in place.
* Family members can choose their own role and are encouraged to join the business.
* The company prioritizes consensus over individual interests. 2. Dr Bronner's:
* Founder Emanuel Bronner didn't leave a succession plan, resulting in a $2m tax bill for the family.
* Current owner Mike Bronner is now thinking about the next generation and has seen signs that his children are interested in running the company.
* Involving children early on can help with succession planning. 3. St James Town Steak and Chops:
* Owner Mark Michelin is training his two children, Noah and Alex, to take over the family-run business once he retires.
* The blood bond between generations is seen as a strength by customers.
* Michelin believes it's essential for the business to stay within the family. These examples show that having a clear succession plan in place can prevent emotional and legal drama, and ensure the continuation of the business.
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