Let’s face it. No matter how influential you are, there will always be a day you have to step down as the CEO of your family business and let the succeeding generations take in charge. However, before that day comes, you’ll need an effective succession planning, and here’s how a family office in Singapore can help.
1. Search Out for Candidates
Every business’ future depends on strong leadership. Therefore, a family office in Singapore always searches for candidates who have strong determination, talents and skills that can help your family business grow. Often, they take note of notable achievement and use that to test their abilities.
2. Align the Process with the Business’ Core Values
Although your succession planning is a separate plan from your current business’ plan, your successor should possess the core values of your business to know if they are eligible to replace you in your current position.
3. Help Fill the Gap: Trial and Error
Just like with chess, a family office takes careful consideration and examination to find out which ones are reliable to fill the gap. Often, they try to foresee what will happen if this or that person becomes the successor.
4. Looking at Your Employees’ Age
Once your family office in Singapore noticed your business have employees near retiring age, they always think of a plan developing young talents. That way, when your retirement comes or when you have to step down, you have a successor who can continue your legacy.
5. Discussion with Your Chosen Successor
As an ultra-high network worth individual, discussing your business wealth management to your successor is your responsibility. That way, not only they can inherit your position, but also the way you handle your business.
If you are an ultra-high network worth individual who needs effective wealth management, then consider contacting a reliable family office like Golden Equator Wealth in Singapore. Their expertise can surely help you in your business!
