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ARTICLE · 14 FEBRUARY 2018

How To Manage Business Succession - Passing The Torch

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Succession is a tricky area for most businesses, especially so for family businesses and for businesses where the founder has a close association with the brand, for example, fashion houses and high profile restaurants

ItalyWealth Management
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Succession is a tricky area for most businesses, especially so for family businesses and for businesses where the founder has a close association with the brand, for example, fashion houses and high profile restaurants.   Almost exclusively a fashion designer's business bears the name of the founder and is extremely closely associated with that individual. 

Appointing a successor seems to prove one of the most difficult exercises for an outgoing fashion house overlord.  It is not entirely due to vanity which makes this such a complicated subject; there are sound business reasons for being so circumspect about appointing a new leader or an heir apparent.  Filling the founder's shoes must be carefully managed to avoid damage to the brand as the founder is invariably inextricably linked to the brand. 

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