Photo Illustration by Slate/Photos by HBO
Millions have watched the HBO drama “Succession” where siblings are fighting over who gets control of the family-owned multi-billion-dollar international media conglomerate. There’s no succession plan in place. But what happens when a small family-owned business needs a succession plan? Does the second or third generation want to take over the business when the parents retire? Or do they try something completely different?
The Language of Business looks at succession plans in small family businesses. Host Greg Stoller talks with Beatriz Iglesias Garcia, possible heir to Folder, the family office supply business in Spain. Then we look at Karma Concord, a family-run Malaysian Restaurant in Concord MA. Does son Daryl Quek, a student at Boston University Questrom School of Business, plan to succeed his parent? Or does he have other plans?
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