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Smooth transition of family business

12-1-2018

In collaboration with HEC Paris Alumni Association, the Chamber of Commerce, Industry and Agriculture for Beirut and Mount Lebanon organized yesterday a seminar on ‘Preparations and procedures for ensuring a smooth transition of ownership’. The event saw the presence of a large group of economic leaderships and family business owners. On the occasion, Chamber vice president, Dr. Nabil Fahd, underlined the importance of family-run businesses in the local and global economies, which represent according to him, more than 80% of enterprises, noting that the majority of giant companies are family-owned. Fahd also stressed that such meetings help to learn about participants’ experience and how to address challenges and opportunities inside family businesses. The president of HEC Paris Alumni Association, Nicola Bou Khater, disclosed for his part, that over 85% of succession planning fails due to a lack of trust and communication or lack of competent governance or more because of the lack of a capable heir. In Lebanon, Bou Khater said, family-owned businesses play a major role in creating employment prospects and stimulating economic development, contributing about 80% of the GDP. Likewise, the international expert on family business, Reg Athawal, elaborated the various procedures and arrangements required to ensure a smooth transition. (Al Mustaqbal, January 12, 2018)

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