To plan a successful succession, business owners need to be pro-active, experts say [Globe and Mail, The (Toronto, Canada)]
HSBC Holdings, plc. (HSBC)
US:NYSE Investor Relations:
hsbc.com/investor-relations
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Source: Globe and Mail, The
Michael Scrivens always knew that the family business was a good opportunity for his kids. It's passed through his family for four generations – all the way back to the 1930s. Witnessing multiple transitions in their insurance business has given him perspective on passing the torch. One thing he knew right away: When the kids finish university, they will need to have three to five years' experience doing something else, ”so they can bring some experience and a different perspective to the table should they decide to eventually get into the family business.” But the biggest lesson he's learned is that a successful business transition doesn't start two or five years in advance. “It should be 10 to 15 years ahead of the game,” he said. “The newer generation has to be involved in the business-planning exercise; when you sit down and do a business plan they have to be involved and get the nuances of how things are run.” Mr. Scrivens's story is the exception rather than the rule. Acc
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- 12/19/24 - Form 6-K
- 12/18/24 - Form 6-K
- HSBC's page on the SEC website