Succession with purpose
Succession, whether for a country or a company, is not merely about replacing leaders or in the case of a company, owners. It is about preserving purpose, values and culture
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[SINGAPORE] In January 2021, I began thinking more seriously about my firm’s succession plan. Providend has been operating for almost a quarter of a century, and the founding team is now in our mid-fifties and some early sixties.
It was time to put in place both an ownership and leadership succession plan as soon as practicable. This was not only good for the outgoing leadership team and owners, but also for our staff, and most importantly, for our clients who trust us to be there for them over the long haul.
Learning from other markets
I started researching succession planning practices in more established wealth advisory markets such as the United States and Australia. I flew to these countries to learn from conferences and spoke with countless firm owners about how they approached succession.
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