The last great test
In the first interview of our newly launched Family Office Interview series, we speak to Alex Scott, Chairman of Schroders Family Office Service, who shares why succession is such a vital part of a family business’s success.
In 2020, Alex Scott, Chairman of Schroders Family Office Service, stepped-down from his role as Chairman and CEO of Applerigg, a private, family-owned business built on the foundations of a financial services group established by his great-grandfather in 1903. A fourth-generation leader of the Scott family’s business, he has been both a successor and managed his own succession. As a result, he has a deep personal understanding of the responsibilities and challenges of managing generational transition, as well as the opportunities.
According to Alex, succession is a vital part of a family business’s success, particularly because there’s a predilection among businesses not to endure multiple generations. That’s not necessarily because of succession issues, he stresses, it might be that the market the company operates in just isn’t conducive to long-lasting businesses. However, you can’t go through the generations if you don’t get that critical element right.
To read the full interview click here.
