Many successful companies find it hard to thrive when their founders move on.
It is possible that the next generation does not share the same values and culture.
Some companies fail due to poor succession planning. Founders often leave the company or die without having left a proper succession plan in place.
A proper succession plan entails naming the person to take over once the current head steps down or passes away.
The lack of a proper succession plan results in internal conflict, poor leadership decisions, and loss of direction, which inevitably lead to the collapse of the business.
So how can Bridgewater, the biggest hedge fund in the world, avoid all of these?
In this video, Ray Dalio shares his ideas about how to protect the future of Bridgewater. He says he has made plans to ensure that his successors will follow his principles.
Source: Finance Jane.
