Family Business Succession Planning
- How do family businesses tackle challenges arising from management transitions between generations?
- How can efforts be enhanced to sustain the growth of these companies in line with national economic directions, as well as global trends?
- The Middle East region holds a pivotal role in supporting the future of family businesses, attracting a significant number of international companies. What are the best solutions?
Family businesses wield substantial economic influence in the Middle East, holding significant assets and budgets. However, as they pass through generations, maintaining growth, harmony, and direction becomes increasingly challenging due to dilution. Inter-generational sensitivities present hurdles in navigating peace among family branches, compounded by a multiplying number of stakeholders with each generation.
Supporting the future of these businesses, especially in the UAE and KSA, is critical in the Middle Eastern landscape. Tailored support in these nations can mitigate risks in generational transitions and enhance growth prospects in the GCC. The Gulf's international appeal draws family businesses globally, emphasizing the need for specialized succession planning advice. This report captures key discussions from the World Governments Summit 2023 Panel Discussion and offers recommendations to sustain and bolster family businesses in the region.
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