The discussion was on Succession and the rest of the panel consisted of Pete Backwell, CEO of HL Hall and Sons Group and Nizam Kalla, Managing Director of Amka Products. The session was hosted by Creagh Sudding of KPMG.
The importance of the relationship between succession and governance became evident again, as well as having a structured plan for business leadership, governance and ownership. Succession is a (lifelong) process and not simply an event taking place. Planning is key in ensuring a smooth ownership and management succession from one generation to the next. The increasing importance of socioemotional wealth in the key strategic decision-making of the owning family was emphasised, as well as the importance of education and building strong relationships with both family and non-family employees.
