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How Belgian family businesses are preparing for the challenges of succession
key takeaways.
Three out of four business leaders favour passing their company on within the family, yet only half believe the next generation is both capable and motivated to take over
While 95% of respondents have established family governance structures, for more than one third of them, family conflicts remain one of the main risks to their company’s long-term continuity over the next ten years
Nearly two-thirds (65%) expect recent tax developments to have an impact on their wealth and estate planning structures.
Family businesses are one of the cornerstones of the Belgian economy. Deeply rooted in their local communities, they stand out for their long-term vision, their ability to create value across generations, and their significant contribution to Belgium’s economic fabric. However, as family wealth structures become increasingly complex and successive generations expand, the challenges associated with ensuring business continuity are evolving.
To gain a deeper understanding of these transformations, Lombard Odier conducted a qualitative study entitled “The Next Succession Will Be Different”, based on insights from nearly 100 business leaders, family shareholders and members of Belgian family-owned companies, in collaboration with students from the Solvay Consulting Club.
Preparing the next generation, preserving family cohesion, and establishing sustainable wealth structures have now become strategic priorities in their own right
Geoffroy Vermeire, Local Managing Director of Lombard Odier Belgium
Geoffroy Vermeire, Local Managing Director of Lombard Odier Belgium, comments: “This study reveals a major shift. Belgian entrepreneurial families are no longer focusing solely on the growth of their businesses; they are also increasingly concerned with the conditions required to ensure their continuity. Preparing the next generation, preserving family cohesion, and establishing sustainable wealth structures have now become strategic priorities in their own right.”
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A Succession Process That Requires Long-Term Preparation
Family succession remains the preferred option for most Belgian family businesses: nearly three out of four business leaders intend to pass their company on to the next generation, confirming the strength of family ownership within the Belgian economy. In this regard, only 2% of respondents are considering a sale to an external party.
However, the study reveals that succession presents a twofold challenge: ensuring both the interest of the next generation and its readiness to take over. Only 51% of respondents believe their next generation is currently prepared to assume leadership responsibilities, while 30% consider them still too young and 17% view them as motivated, but not yet ready.
In response, families are taking proactive steps. More than half already involve the next generation in strategic decision-making and encourage them to gain professional experience outside the family business before taking on leadership roles.
Family Governance Alone Is Not Enough Without Dialogue
Belgian family businesses stand out for their high level of structuring: 95% of respondents report having established family governance frameworks, and 67% have a formalised wealth succession plan in place.
Yet the concerns expressed are primarily human in nature. More than one third of respondents cite family conflicts among the main risks to their company’s long-term continuity, ahead of taxation, artificial intelligence, and even the absence of a successor.
The study therefore highlights that continuity depends less on governance structures themselves than on families’ ability to maintain regular intergenerational dialogue and build a shared long-term vision.
Wealth Management Now Extends Beyond the Business Itself
The survey also points to a profound shift in how Belgian entrepreneurial families manage their wealth. More than 80% have already implemented a structured separation between business and personal assets.
At the same time, recent tax developments are prompting families to reassess their arrangements. Nearly 65% of respondents believe that tax reforms will influence their future wealth strategy, while 60% report being unfamiliar with, or not making use of, the DBI (Dividend Received Deduction) regime.
This trend confirms that the business is no longer the only asset being passed on: the broader structuring of family wealth has become a central component of ensuring long-term family continuity.
Entrepreneurial families that stand the test of time are those that anticipate transitions before they become unavoidable
Xavier Bonna, Managing Partner of the Lombard Odier Group
Xavier Bonna, Managing Partner of the Lombard Odier Group, declares: “Entrepreneurial families that stand the test of time are those that anticipate transitions before they become unavoidable. Beyond legal and tax considerations, succession is first and foremost a human endeavour. Its success depends on the ability of generations to engage in dialogue, share a common vision, and prepare for the future together.”
press release
How Belgian family businesses are preparing for the challenges of succession
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