I am fascinated by how different cultures affect how businesses are run.
This article from Deloitte highlights some of the cultural differences between Western and Asian businesses and how this can affect their succession planning.
The article looks at four dimensions where Asian culture can influence the way that succession planning is approached and whilst there may be cultural differences, it is fascinating to see similar issues arising when it comes to succession planning, irrespective of geographical location.
In many Asian business families, it is considered inauspicious or taboo to talk about succession while the venerated and respected patriarch or matriarch is alive. At other times, the patriarch’s charismatic force of character extends through to a lack of willingness to “let go” and pass on the power of decision-making to a successor.