Clear, regular and consistent communication will help your succession plan be effective. I must say, I am a poor communicator often assuming that the other party knows or understands what I am thinking. This is the furthest from the reality. Here is an example: I am currently working with a family on a succession plan. […]
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A cautionary tale. You know how much hard work you had to exert to earn and accumulate your family’s wealth. How much information do you “share” with your following generations and do you control how they spend; what you do share with them? You do not wish to turn your following generations into entitled and […]
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One hazard that you have to consider while planning and then implementing your succession plan is the potential of taking your eye off of the ball. In the sports context, this will mean you can miss the pitch, leave your putt short, hit your down the line shot wide because you are more focused on […]
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As we reflect on the year, this is a time for reflection and planning for the coming year. With some of the families with whom I work, often they try to address some of the more complicated aspects of succession (governance, estate freezes, family employment) before setting in place the basics. I have previously spoken […]
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I heard a disturbing tale about the meteoric rise of a consultant. Her assignments took them worldwide and she met some of the most prestigious executives in his work. Her life sounded glamorous and fulfilling, a life worthy of envy. She was found dead in her hotel room recently on one of her business trips […]
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Summer is the time for taking some rest, relaxation and sometimes seeking adventure. Having just returned from a 2 generation 12 day Iceland journey – I can now quietly reflect on the frenetic time together. This was a great opportunity for our family to enjoy the company of each other. How often can one have […]
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You may not be here forever…you are mortal.
These are prophetic words, that I have repeated many times to business owners
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…an existentialist ponderance today in my blog. Have you ever asked yourself this question? This was THE QUESTION posed previously at TedX, which I attended. Starting a meaningful conversation Stop and reflect on this matter for a moment. Some questions: – who are you? No really, who are you? – how did you get here? […]
Read More‘Life’s most persistent and urgent question is, ‘What are you doing for others?’ – Martin Luther King, Jr. Why philanthropy? You cannot take it with you and many business families wish to leave a legacy, whether anonymous or named donations, that make a difference to causes about which they care. In my view, philanthropic efforts […]
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Succession of a business can take a long time, sometimes 5-20 years, possibly a lifetime. I am in the midst of succession planning discussions with one family that is now into its 3rd year, having made significant headway on communications and setting ground rules. Another family has been working on succession for 7 years and […]
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A great coach assesses the team and is granted the decisions on who is to play, when and with which other team mates . Balancing a team is all about:
WILL – SKILL – TEAM.
Wow, what an uplifting outcome. I just came out of a meeting this week with a family who are in the process of successfully transitioning from G1 to G2 (generation 1 to generation 2). This successful endeavour has been a 3 year journey culminating in: – a plan of reorganization to allow the following generation’s […]
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