Critical Decisions

Throughout history, the issue of succession in family businesses has always been a matter of great concern and complexity. The success or failure of succession directly impacts the fate of both the family and the business itself. But one of the main reasons why the development of family businesses and the succession issues are complicated is because it involves not only the logic of business and economic operations, but also multiple social and cultural relationships, especially the interests and conflicts between the family and the enterprise. This book analyses why family businesses are different from other companies. It examines how the business goals, development directions and management models of family businesses can vary depending on the life cycle of the family. The authors focus on a select group of family business cases in Hong Kong that have faced typical challenges in their development, especially in relation to the critical decisions around inheritance and succession, and provide fascinating insights into this important topic in business.