This Round Table discussion delves into the challenges and achievements faced by second-generation leaders in family businesses, with a focus on China and beyond. The panelists emphasize the crucial role these businesses play in the global economy, noting that many struggle to successfully pass the torch to the next generation. Common hurdles include successors lacking interest or passion, the pressure to uphold family legacies, and the intricacies of succession planning. Successful transitions often require a blend of honoring the company’s core values while also embracing innovation and adapting to evolving market demands. This balancing act can involve maintaining traditional products while introducing new ones. The conversation also highlights the necessity of thorough succession plans that address both the future of the business and the personal goals of family members.
