HBR On Strategy
Does Your Family Business Have a Succession Plan?
Jan 3, 2024
Rohit Gera, a successful entrepreneur in real estate, discusses the challenges of succession planning in a family business. They explore topics such as growth strategy, leadership transition, Child Centric Homes in India, challenges of a family name, scaling up, and achieving success through facing challenges.
29:10
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Quick takeaways
- The decision of succession planning in a family business involves choosing between a defined growth strategy and allowing the successor to set the new strategy.
- Gera Developments' concept of Child Centric Homes has been successful, with customers responding positively to the safety features, convenience for parents, and development opportunities for children.
Deep dives
Succession planning for a family business
Rowett Guerra, the managing director of Guerra Developments, had to make a decision about succession for his family-owned real estate development firm. He had to choose between defining a growth strategy and selecting a successor to implement it or allowing the successor to set the company's new strategy. The decision also involved whether the successor should come from within the family or outside of it. The best practices for succession planning in a family business, including selecting a growth strategy and ensuring a successful leadership transition, are discussed.
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