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Lebanese American University

Succession Planning & Corporate Governance

The next three decades will see the biggest intergenerational wealth transfer in history because of successions in family businesses. Within the dynamic MENA business environment, proper succession planning is crucial to the continuity and sustainability of all large family businesses and multinational institutions.

Succession in family businesses necessitates a long-term plan to build strong leadership that can execute the company’s current and cross-generational goals. LAU Consult has helped family businesses make it to the fourth and fifth generation while maintaining their standing among the biggest and most successful companies in the world. The continuity and growth of any family business demands the implementation of a multidimensional succession plan.

Today’s successful family succession implementations include some key steps, such as:

Succession planning involves non-family members as well. Following from the notion of talent retention and its cost-saving benefits, succession planning enables organizations to promote from within, thus increasing the potential of a positive impact on performance management. Such succession of key positions is a multidimensional task, involving:

Moreover, key to any successful C-suite succession is a system of corporate governance, in particular, a board of directors along with a compensation and benefits committee, an audit and finance committee, and, for key positions, a succession committee to oversee the process and its potential impact on the business as a whole.

Irrespective of your organization’s ownership structure, LAU Consult will help you establish the necessary governance configurations to ensure that your organization adapts to the changing environment.

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