Unlike family-controlled conglomerates like LVMH, the late Giorgio Armani was his company's sole shareholder with no clear succession plan. His passing has put the entire multi-billion euro brand up for sale, triggering a potential industry-wide consolidation event and a

A primary driver of M&A in wealth management isn't just a race for scale, but a demographic reality. An aging population of advisor-owners needs to find succession plans for their books of business, creating a steady supply of firms available for acquisition to ensure client continuity.

Effective leadership transitions must be planned years in advance. The successor should gradually assume managerial duties, making the final handover a natural, expected event for employees and LPs. Rushed plans fail, especially if the departing leader isn't truly ready to retire.

Great companies survive not because of a founder's continued presence, but because the founder codified a culture and operational DNA that outlives them. Companies like Home Depot and Amazon continue to thrive because their core principles are deeply embedded and replicable.

The complexity of long-term estate and succession planning often leads to indefinite postponement. A more effective approach is to create a plan based on the business's current state and set a recurring calendar reminder to review and update it every two years.

An empire is built for personal gain, name recognition, or familial wealth and will eventually crumble. A legacy is built on values and beliefs that benefit everyone and spread long after the founder is gone. A leader must consciously choose one path, as they are mutually exclusive.

It's exceptionally rare for a company to make fundamental changes once its founders are gone. They become "frozen in time," like 1950s Havana. This institutional inertia explains why established industries, like legacy auto manufacturers, were unable to effectively respond to a founder-led disruptor like Elon Musk's Tesla.

Unlike startups, institutions like CPPIB that must endure for 75+ years need to be the "exact opposite of a founder culture." The focus is on institutionalizing processes so the organization operates independently of any single individual, ensuring stability and succession over many generations of leadership.

The initial goal of building a company that endures can be misplaced. A more meaningful and lasting legacy is created through the people you train and empower. The corporate entity may fade, but the skills and values instilled in your team will ripple outwards for decades through their own ventures and leadership.