The children of business owners might be stuck wondering, like Succession character Kendall Roy, if their name has been crossed out or underlined. Whether it’s playing out on HBO or in court for the Murdoch family, succession remains a tricky beast for entrepreneurs. Many of them are not willing or able to let go of the reins, avoiding the prospect of passing on their empires ahead of the $84 trillion Great Wealth Transfer.
Entrepreneurs are finding themselves waging an internal ego battle of sorts, financial services company HSBC writes in a recent report. Many desire to keep working while also wanting to pass a legacy on to their children. Still, these leaders understand that it’s a weighty gift and that running a company comes with some unwanted stress. It’s a double-edged sword, HSBC analysts write. And it seems like these entrepreneurs might be set to fall on said sword, if they keep delaying plans.
