The Weekly Take from CBRE

Who's Next: Leading family-run firms through change, succession


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Each new generation brings opportunities and challenges to the workplace. Recorded live at ICSC Detroit, leaders from two Michigan-based real estate families, the Schostaks and the Friedmans, discuss the hard but necessary conversations and choices required to maintain a multi-generational enterprise.


Share these insights on succession planning in family-owned businesses:

 

·      Succession Planning: Establish clear governance and involve family members in decision-making to ensure smooth leadership transitions.

·      Leadership Transition: Transferring leadership to the next generation requires structured processes and clear roles.

·      Family and Business Balance: Balance family dynamics with business operations, making necessary sacrifices for success.

·      Adaptability: Evolve business models and diversify services to stay competitive.

·      Economic Resilience: Maintain liquidity and seize opportunities during economic downturns.

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