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Case studies | Aug 29

Succession planning in a family business

Case studies | Aug 29

Over 80% of all private sector businesses are family owned, but passing the reigns on to the next generation remains a daunting challenge for many.

Reading Time 6 minutes

Abdul Waheed, founder and Director of Best Trading, has journeyed across the globe on the way to owning his own business. Thanks to decades of hard work and building connections, Best Trading had a net profit of over 700k this year, and is expected to grow to nearly £1m by the end of the financial year. But as a self-proclaimed control freak in an entirely family-owned business, the prospect of passing the company on to his son has become a daunting challenge for Abdul.

Waheed grew up in a rural town halfway between Islamabad and Lahore in northern Pakistan. As the son of a farmer, Waheed learnt the power of self-sufficiency from a young age. All the family’s needs were fulfilled by the farm and his father’s work. Whatever they didn’t use as sustenance was sold, giving Waheed a strong sense of ownership, production, and salesmanship.

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