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As you mention about prudent succession plan, having a clear succession plan as part of Family Governance is important now in Family Managed Business more than ever, especially when the youth today have wide carrier choice. There is nothing like working for oneself, but young minds like to make their own choices rather than be burdened with family name and pressure of performing in an area that doesn’t interest them. A succession plan can keep people in the management prepared about the way forward.

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