From my experience, a succession plan, to succeed, required a cheerleader or cheerleaders. The more people working together towards a common goal will reach that goal more quickly than one individual. This can be a challenge for most leaders to share their vision and what to them, succession looks like. Many an entrepreneur may have […]
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Previously, I wrote about identifying your successor as an integral part of the succession plan. One family with whom I work had a very forward thinking parent. They groomed their two children to run the business. Before they joined the family business, however, each was encouraged and did pursue the development of their own capabilities […]
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Do you remember when your parents told you a story? Do you remember (if you had or have children) reading them or telling them a bedtime story. You and your family have your own stories. Think about sharing them with your children. These stories may centre on the business or could be about the family […]
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A key element to a successful business transition between generations is to have conversations and begin to understand what interests and motivates the next generation. Believe it or not, listening and watching the next generation can provide many great insights. I have tried really hard to understand the new generation, with some limited success. Take […]
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A family business faces challenging choices, both moral and financial, when considering whether or not to employ family members. A successful family business can often afford to employ many family members without financial hardship. Does this mean that it should? Hiring productive family members is a good thing in a business from a succession perspective. […]
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