WMI Research Reveals Succession as Living Practice, Not a One-Time Handover

Drawing on insights from leading thought leaders, family office principals and family advisors from across Asia and beyond, the research offers a fresh perspective on succession planning: rather than viewing it as a one-time legal or financial event, successful families treat succession as an ongoing journey that builds momentum through consistent, purposeful actions over time.

Succession is not a handover; it is a journey

The research reveals that families that treat succession as a one-time legal or financial event often struggle to achieve lasting continuity. Those who succeed see it as a long-term, capability-building process—a journey that builds momentum when anchored in shared purpose and strengthened by structured forums for decision-making, learning, and renewal. This approach transforms succession from a source of anxiety into an opportunity for deeper family connection and stronger stewardship capabilities. Our research shows that only a third of the families interviewed have engaged in meaningful conversations about their shared purpose.

At the heart of this insight is what WMI calls the Legacy Flywheel—a dynamic framework where small, intentional actions, repeated consistently, compound into unity and resilience over time. “Unlike traditional succession models that focus on single moments of transition, the flywheel represents succession as an ongoing cycle where shared purpose guides governance structures, governance builds resilience, resilience creates lasting impact, and learning from that impact renews family purpose for the next generation.” explains Foo Mee Har, CEO of WMI.

The analogy of the succession journey as a ‘flywheel’ is best understood less as a static diagram but as a dynamic cadence—where small, intentional actions, repeated consistently, compound into unity and resilience over time.

This continuous approach helps families move beyond common barriers that stall planning: founders’ fears of losing identity and control, next-generation uncertainty about readiness, and the cultural reluctance in many Asian families to discuss mortality and inheritance openly.

Philanthropy serves as a powerful bridge-builder in succession

The research identifies that philanthropy plays a pivotal role by serving as a low-conflict area where families can unite around shared values while engaging the next generation in meaningful stewardship development.

When families work together on causes they care about, it creates natural opportunities for different generations to collaborate, make decisions jointly, and practice leadership skills in settings with clear purpose but lower stakes than business operations. These experiences build the trust, communication patterns, and shared decision-making capabilities that strengthen succession outcomes across all family enterprises.

By giving younger family members meaningful roles in philanthropic activities, families create pathways for stewardship development that feel authentic rather than forced. The research shows that families who use giving strategically often find it easier to have broader conversations about values, purpose, and responsibility—conversations that prove essential for successful transitions.

A Framework for Action

The Legacy Flywheel suggests three practical steps for families ready to begin or strengthen their succession journey:

• Start with purpose: Create regular opportunities for family-wide conversations about values and aspirations, with neutral facilitation to ensure all voices contribute meaningfully
• Build governance around purpose: Translate family values into clear roles, decision-making processes, and meeting rhythms that keep plans current and actionable
• Use philanthropy strategically: Engage generations together through charitable giving and impact projects that make values tangible while building collaboration skills

“Families across Asia are navigating a moment of change—stewarding enterprises and values while preparing future leaders to carry both forward with confidence and care,” said Foo Mee Har, CEO of WMI. “This research shows that when families approach succession as a living practice rather than a single event, they create momentum that can sustain their legacy and strengthen their bonds across generations. In addition, philanthropy has shown to be a powerful bridge-builder in this journey.”

About the Research
The study combined in-depth interviews with comprehensive literature review and case analysis. Participants included leading thought leaders, family office principals and family advisors across Asia and beyond. The findings were reviewed by an expert panel from WMI family office network as well as the global network of the Family Firm Institute (FFI).

Acknowledgment
WMI expresses gratitude to the Family Firm Institute (FFI) for its collaboration on this research. As the leading global network of thought leaders in family enterprises, FFI contributed to participant recruitment and provided thought leaders from its global network to serve on the research review panel, enriching the study with diverse international perspectives.

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