CHARTING A FAMILY SUCCESSION

With multiple stakeholders, succession planning is not only important to pass on the family wealth to the next generation, but also to avoid bitter disputes.

-  NEVIN JOHN

AMERICAN CASINO magnate Sheldon Adelson, who founded famous casino and resorts company Las Vegas Sands Corp., never retired from the top job until his death at the age of 86. “Why do I need succession planning? I am very alert, I am very vibrant. I have no intention to retire,” Adelson had said when asked about his future plans. He and his Israeli wife Miriam had six potential heirs from their two marriages each. The control of family wealth in different trusts went to Miriam after Adelson’s death last year and the board elevated the second-in-command and non-family member Robert Goldstein as chairman.

There were many probable flashpoints in the story of the Adelson family — when the patriarch was reluctant to leave the top job; separation of management/ownership control after his death; taking a call on the casino chain’s future course of action as it was in deep financial troubles post Covid-19. However, for the family members and the management, Adelson had given leadership and ownership clarity, at least for running the chain for the next two-three decades, and it helped them sail through the transition without hiccups.