Dubai Centre for Family Businesses: Workshop on Succession Planning Strategies

Photo: Government of Dubai Media Office

The Dubai Centre for Family Businesses, operating under Dubai Chambers, has successfully concluded its latest session of the ‘Governance Series.’ This interactive workshop focused on effective succession planning strategies and drew the participation of 40 representatives from family businesses.

The session provided valuable insights into enhancing the continuity of family businesses, ensuring a seamless transition of management and ownership across generations. Among the notable speakers was Mr. Vladislav Burda, President of RedHead Family Corporation. He shared key lessons from his extensive experience managing a family business, highlighting practical strategies for navigating the complexities of succession.

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Dr. Joseph Astrachan, a prominent figure in family business advisory and the Founder and Chairman of Generation6, also contributed to the workshop. His engaging presentation included interactive exercises and case studies, allowing participants to delve into the nuances of family business continuity and effective succession planning.

The Governance Series, a key initiative by the Dubai Centre for Family Businesses, encompasses a series of educational workshops addressing critical issues facing family businesses. Topics range from understanding legal frameworks and governance that underpin effective succession planning to strategies for promoting the long-term success of these enterprises while ensuring compliance with relevant regulations.

This workshop was the fourth session in the series for this year, demonstrating the centre’s commitment to providing ongoing support to family-owned companies in Dubai. The series aims to foster networking opportunities and inspire participants through the sharing of multi-generational success stories from local, regional, and global family businesses.

Previous sessions have tackled essential topics such as family business law, sustainability strategies, corporate governance, and the role of Waqf, foundations, and trusts in family business management.

In addition to workshops, the Dubai Centre for Family Businesses has also released a comprehensive guide titled ‘Succession Planning for Family Businesses.’ This resource aims to equip family business owners with the necessary tools for effective management transitions between generations, reinforcing the centre’s dedication to enhancing the sustainability and competitiveness of family enterprises.

Launched in May 2023, the Dubai Centre for Family Businesses is focused on ensuring the growth and long-term viability of family businesses within Dubai. By supporting this vital sector, the centre contributes to the economic landscape of the emirate, aligning with its future development plans.