Family control offers significant benefits for businesses, such as higher long-term profitability, less debt, and greater stability. It is a force of alignment that provides cohesion, higher levels of agreement, loyalty and commitment. This is expressed in the decisions, solutions to problems and interactions that occur within the organization. In Mexico, the probability that the next CEO of the companies is a relative is 88%, this figure is notably higher than the world average of 37%. Companies with high levels of family cohesion would be emerging as strong cultures that would be better prepared to face the challenges of the environment, added Dr. Fernando Sandoval.
For Daniel Aguiñaga, lead partner of Corporate Governance at Deloitte, the late succession is repeated at many levels of the companies. “We are not culturally used to planning, so culturally we are a country where entrepreneurs are in charge of their companies until the last day of their lives. If we compare it with the frequency in which withdrawals occur in other countries, succession planning is an area of opportunity culturally speaking in our country, ”Aguiñaga pointed out.
In Mexico, it is necessary to see it as a matter of value generation, rather than compliance. “We are definitely a country that has made progress on corporate governance issues in the last 20 years, companies have increased their number of independent directors, the number of private companies that today speak of corporate governance and that today have independent directors has grown in our country, but there is still an area of significant opportunity ”, added Daniel Aguiñaga.