Abstract
The succession process is critical to the success of any business, but presents particular challenges in family firms. In its 77 years of operation, PT Bakrie Brothers Tbk has grown to become one of the largest family businesses in Indonesia and is now looking forward to the fourth generation of family leadership, thanks to a precisely articulated succession management framework that also develops leaders from outside the family. An analysis of the company's experiences shows that four factors underlie its management succession program: a stated desire to be sustainable; an emphasis on entrepreneurship; adherence to corporate cultural values; and a well‐structured leadership development process that focuses on team dynamics, corporate vision and values, ethics and sustainability, communication, business execution and operational excelllence, and intrapreneurship, innovation, and creativity.
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