Challenges in Transitioning Ownership

Listen to Phillipe De Gaspe Beaubien II recount the difficultly in passing the family business to the next generation. Often times in a family business, the founder can experience resistance when it is time for them to take a step back from a leadership role. Creating a clear succession plan will set expectations for all family members, and will ease the transition from one generation to the next.

The hardest part for me is after giving up my shares, my position, my power, everything, it wasn’t enough. I had to move away from the 33rd floor, where you took my office, and move down. If I were there, all the heads would still turn about me and ask me what I think and I said, Philippe, you’ve got to go. That was the hardest thing for me. I don’t know, it was maybe letting go a bit of the family. And therefore the hardest thing for me was that after doing all of that, it wasn’t enough Philippe, you’ve still got to leave. You’ve got to leave.