In India, there's often a cultural expectation or tradition where sons are considered the heirs to the family business. Generally Male descendants decide how the inheritance and succession were passed on.
My family doesn't have a written successor's plan but it is pre assumed that I have to take care of the business in future. And as a successor, there is a lot of society pressure that I have to perform well.
The Successor's paradox arises from the tension between maintaining the traditional values and practices that have contributed to the family business's success while also adapting to changing market dynamics, technologies, and consumer preferences.
Addressing the Successor's Paradox requires open communication, careful planning, and a willingness to adapt. Family businesses that successfully navigate this paradox tend to embrace a culture of continuous learning, encourage innovation, and foster a sense of shared purpose among family members and employees. Additionally, seeking external advice from mentors, consultants, or industry experts can provide valuable perspectives and help successors navigate the complexities of succession in family businesses.
