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Introduction

From casinos to construction sites and kitchens, some of Hong Kong’s most prominent corporate families have become best known in recent years for their feuding. Stanley Ho, the casino magnate, has been the focus of battles among his children and their mothers, while the three Kwok brothers have fought over Sun Hung Kai Properties. In many cases, the problem is not just a simple case of siblings squabbling over their inheritances, but indicative of a wider issue in Hong Kong when it comes to corporate governance and succession planning.

Things to consider

– Be proactive: It can take time to find and prepare a promising candidate for a leadership role. As such, don’t dawdle.

– Keep your options open: While the obvious successor may be the second in command, don’t disregard other promising employees. Look for people who best display the skills necessary to thrive in the position regardless of their current title.

– Make the vision known: Include potential managers in strategy conversations to help them acquire planning and leadership skills, as well as to develop a broad vision of the organisational model and objectives.

– Provide training to peak performers: As you identify your top performers, offer training and mentoring to help them develop new skills and refine existing ones.

Summary

A succession plan should be part of the long-term plan for any organisation, regardless the size of your business operation. Creating a succession plan involves identifying and training high-potential employees for key management roles in the business. It’s a critical but often overlooked process. Having a solid plan of succession in place means that any sudden departure of a leader can be managed effectively and efficiently — not a major organisational crisis.

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