Family-owned businesses have long been the backbone of Asia’s economic landscape. Key to their renowned longevity are succession plans. But as the years pass, the dynamics of succession plans are changing – not just in Asia, but worldwide.

In a small Southern town, an established family foundation faced a pivotal moment. Their founder had passed and their Executive Director was set to retire.

What would happen next? How could they transition to new leadership with an interspersed next generation? How could the board align and set the foundation on the right path?

With a net value of over $220bn, LVMH founder and CEO Bernard Arnault is the wealthiest person in the world. But while the company is Europe’s largest by market capitalization, it’s run as a family business. How did he build a succession plan?

‘Shirtsleeves to shirtsleeves in three generations.’   You may have heard that proverb. It highlights the point that wealth rarely survives beyond three generations. The actual figures make for stark reading. According to a report by the Boston Globe, only 12% of family-owned businesses make…