In April 2024, Ricardo Garza Limon, the founder of Grupo Garza Limon in Mexico, was reflecting on the succession process he had embarked on in 2016. Despite making progress, Ricardo regretted not having achieved his main goal: seeing one of his two sons take on the role of chief executive officer (CEO) in the family firm. The company had a solid nonfamily CEO in place but needed to strengthen its board of directors and formalize a trust to align future generations with corporate governance principles. Ricardo also recognized the serious challenges facing the succession process. Not only were his sons unprepared for leadership and lacking key competencies, but there were ongoing conflicts between family members and struggles to balance family dynamics with business needs. With all these considerations in mind, Ricardo wondered whether his chosen succession plan had been the right one. If not, did he need to do something else to ensure the continuity and success of his business legacy?
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