Choosing the next leader for your family enterprise should not be a Darwinian experiment, survival of the fittest. At some point, you may be faced with the decision to pass on the business to the next generation. This decision should be a rational one, made with the best interests of the enterprise in mind.

Some criteria to consider for the next gen leader:

– who is the most suitable candidate to lead? A family member or a member of management
– what skills would serve the family best now and 10+ years from now
– would it make sense to divide your authority into components
– how long have you to groom the new leader?

Try to make this decision more of a collegial process and not a competition.

Learn, think, apply!!