时报观察丨企业代际传承须尽早谋划减少不确定性

Core Viewpoint - The article emphasizes the necessity for successful "first-generation" entrepreneurs to plan for intergenerational transitions in their companies to reduce uncertainties and ensure sustainable operations [1]. Group 1: Intergenerational Transition Challenges - Companies like Wahaha, Shanshan Holdings, and Lao Gan Ma illustrate the complexities of intergenerational transitions in Chinese private enterprises, highlighting that challenges arise not only from external market competition but also from internal power struggles during succession [1]. - The experience from developed economies shows that the survival rate of family businesses in the U.S. drops significantly, with only 30% surviving to the second generation and even fewer reaching the fourth generation [1]. Group 2: Succession Pathways - Three main succession pathways are identified: 1. Family-led, relying on blood ties for control, which has the advantage of inherent trust but may face challenges if capabilities do not align with lineage [2]. 2. Professional manager-led, which aims to modernize governance but is constrained by the maturity of the domestic professional manager market and the need for a robust integrity system [2]. 3. Innovative mechanisms like rotating chairmanships that seek a balance between family control and team empowerment, providing a buffer for gradual transitions [2]. Group 3: Recommendations for Successful Succession - A gradual and institutionalized transition is deemed more stable than a rushed succession process, indicating that careful design is essential to address uncertainties [2]. - Successful successors should avoid the dichotomy of "overthrowing predecessors" and "sticking to old methods," allowing the company to become a fertile ground for innovation rather than a restrictive framework [2]. - The ideal intergenerational transition prioritizes corporate interests, focusing on successor capability assessment, training, and optimizing governance structures to align with the company's vision [2].