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Lessons from Murdoch's succession saga
When Rupert Murdoch and his children resolved their protracted dispute over control of his media empire earlier this year, the resolution underscored a critical takeaway for family-run enterprises: without a clear succession plan, even the most successful businesses risk prolonged conflict and instability.
Walker's Shortbread: A 'cousins consortium' approach
Scotland's Walker's Shortbread, a century-old biscuit manufacturer known for its iconic tartan packaging, has adopted what it calls a "cousins consortium" model to manage generational transitions. Founded in 1898 by Joseph Walker, the company is now led by his great-grandson, Nicky Walker, as managing director.
The model encourages extended family members-and their children-to join the business, allowing them to carve out roles that align with their interests. "Our succession plan is simple: if you want to be part of the company, there's a place for you," Walker said. "With growth comes opportunity, and careers can be built here."
Disagreements are resolved through consensus, prioritizing the company's long-term health over individual preferences. "Decisions are made with the business first in mind," Walker added. "Unity is non-negotiable." The firm also integrates external expertise, including legal advisors and non-family executives, to ensure robust governance.
Dr Bronner's: Learning from past mistakes
California-based Dr Bronner's, the soap and personal care brand founded in 1948, faced a costly lesson in succession planning when its founder, Emanuel Bronner, failed to formalize a transition plan before his health declined in the 1990s. The oversight left the family with a $2 million tax bill from the Internal Revenue Service and no clear roadmap for leadership.
Mike Bronner, the current CEO, said the experience shaped the company's approach to succession. "We realized early on that we needed to think two generations ahead to preserve our values," he explained. His children have shown interest in leading the company, with his son jokingly citing the "mission and free lunches" as perks of the role.
Bronner emphasized the importance of involving the next generation early to cultivate both skills and commitment. "It's about more than just handing over the reins-it's about ensuring they're ready to carry the legacy forward."
St James Town Steak and Chops: Training the next generation
In Toronto, Mark Michelin, owner of the 54-year-old butcher shop St James Town Steak and Chops, has taken a hands-on approach to succession. His two children, Noah and Alex, both in their mid-20s, are being groomed to take over the business when he retires.
"Keeping the business in the family is the best outcome for us," Michelin said. "Our customers value that continuity-it's part of what makes us special." He recounted how patrons often share stories of his father's generosity, reinforcing the emotional bond between the family and their community.
Michelin's advice to other family businesses? "Start early. The earlier you involve your children, the smoother the transition will be."
Expert insights: The risks of inaction
Charlie Grubb, a senior managing director at recruitment firm Robert Half, warned that emotional dynamics often complicate succession planning in family businesses. "The challenge is separating family roles from leadership roles," he said. "You have to make decisions based on what's best for the business, not just personal ties."
A 2025 report highlighted the broader economic risks of poor succession planning, linking it to business closures, job losses, and financial instability. Meanwhile, a survey by Robert Half found that over 40% of business leaders have yet to identify a successor, leaving their companies vulnerable to disruption.
Walker's parting advice
Reflecting on his own journey, Nicky Walker described leading a family business as a "privilege" that comes with responsibility. "The support and guidance I received were exceptional, and now it's our turn to pass that on," he said. "We owe it to the next generation to provide the same foundation-unwavering support and a clear path forward."
"Owning and managing a generational family business is an unbelievable privilege. To lay the foundations for the next generation is fantastic-but it should never be taken for granted."
Nicky Walker, Managing Director, Walker's Shortbread
