Succession for Change
Harry Korine reframes the question of succession in family and founder-lead businesses as an issue of entrepreneurial choice, concentrating on the challenge of succession for change as opposed to the traditional focus on succession for continuity. It is inevitable that when the leaders of family and founder-lead businesses look to pass on the mantle they naturally want to preserve and maintain the firm they have worked so hard for so long to build up. The shaping influence of family or founder, and the instinctive emotional desire for legacy easily sways succession towards continuity rather than the possibly radical development the business may need to meet new challenges. Succession for Change shows how competitive advantage has evolved over the last twenty-five years and examines the approaches being adopted by current business leaders, succession service providers and the next generation to address the change imperative in succession. Korine’s rigorous research and deeply practical approach shows that when change becomes the focus of succession, and developing entrepreneurial values takes precedence over preserving the status quo, succession planning can ensure that firms not only survive the departure of their founders but thrive long after they have gone. He offers a framework for implementing succession as transformation, and rethinking succession governance. The secret is enabling the next generation of leaders to stand on the shoulders of giants rather than be constantly doomed to stand in the shadow of giants.
Board ViewsFrom Corporate Governance of Sustainability to Sustainable Corporate Governance
What is the best way to integrate sustainability into the corporate governance framework? Boards of directors have chosen two distinct paths: the functional way, which focuses on corporate governance of sustainability, and the foundational approach, which leads to sustainable corporate governance. This article assesses the merits and limitations of both approaches and calls for a transition to sustainable governance. This requires board members to engage regularly with stakeholders and to continuously debate the underlying assumptions to further develop the governance framework as required.
Board ViewsThe Multipurpose Corporation as a Driver for Sustainable Value Creation
The nature of the debate on the role of business in society strongly suggests a cyclical nature, with constant attempts to balance different interests and perspectives. To overcome the illusion of solving this conundrum, this article proposes an alternative approach, multipurpose capitalism. It posits that companies should compete not only on their products and services, but also on their different purpose profiles. It is left to consumers, workers, and investors to decide where to shop, work, and invest. The article offers a framework and methodology to create a comprehensive ecosystem that enables this matching process and suggests ways to overcome the challenges along the way.
