Chia-Li Chien, PhD, CFP®, PMP®

by Chia-Li Chien, PhD candidate, CFP®, PMP® May 8, 2018

“Succession is the process during which managerial control of the business is transferred from one generation to the next: it includes the dynamics preceding the actual transition as well as the aftermath of the transition,” according to a research study in 2000 (Shepherd & Zacharakis, 2000). For family businesses, there are greater challenges. Some families want to have control remain in the family; some prefer to sell to third parties. But only 23% of family businesses have formal success plans in place, according to PwC’s eighth family business survey (PwC, 2017). Without a formal succession plan in place, especially for internal transfers, the next generation may not have the attitude, aptitude and readiness to take over or assume leadership responsibility.

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Chia-Li Chien

Assistant Professor and Director of Financial Planning Program at California Lutheran University School of Management

Chia-Li Chien, Ph.D., CFP®, PMP, is a Succession Strategist of Value Growth Institute, dedicated to helping private business owners increase the equity value of their firms. Dr. Chien is also Assistant Professor and Director of the Financial Planning Program at California Lutheran University. She is the award-winning author of the books "Show Me the Money" and "Work Toward Reward." Dr. Chien can be reached at jolly@chialichien.com.

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