Asia’s family firms lag in succession plans, HSBC says

Family-owned businesses in Asia are falling behind in succession planning, according to HSBC Global Private Banking’s new report. While 78% of entrepreneurs globally want to keep businesses in the family, 52% have no plans in place. The gap is wider in Asia, where two-thirds of business owners in mainland China, Hong Kong, and Taiwan lack succession strategies. India stands out, with 79% intending to pass businesses to family, matching rates in the UK and Switzerland. The report, based on a survey of 1,798 wealthy business owners, highlights a rising need for banks to offer advisory services. Appetite for business exits is highest in Asia’s electronics sector, while multi-generational entrepreneurs increasingly recognise the importance of formal wealth structures amid shifting generational aspirations.