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Employee Engagement: The Key to Successful Succession Planning

The focus of succession planning – as the name suggests – is planning the transfer of power and responsibility from the current leader (often the company’s founder) to a new generation of leadership (often the children of the founder). For family and closely held businesses, planning for a smooth transition involves much more than prepping a new leader, getting the financials aligned, and the legal documents signed. A company is much more than products, procedures, offices, and warehouses. The lifeblood of every company is … Read More >

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How a CEO’s Personality Affects Succession Planning

There are many tried and true steps family business owners can take to facilitate the smooth transition of power. However, while legacy planning has some science behind it, it’s also an art — which means any number of variables must be taken into consideration in specific situations. Perhaps one of the biggest is the CEO’s personality, which could play a significant and often unexpected role in determining how the future plays out for the company — absolutely in the short term and very possibly … Read More >

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How to Identify and Groom Future Leaders

For owners of family-owned businesses, the most important decisions they will likely ever make revolve around identifying and grooming future leaders. As a family business advisor, I have seen more than my fair share of angst occur during the decision-making process over issues such as whether it should be a family or non-family member, who has the right business acumen and personal style, and much more. When you eliminate all the emotion from the decision — which certainly is quite difficult — it really … Read More >

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Clear Signs You Need to Change Your Leadership Style

Recently, a client who owns a family business told me seven employees had left the company over the past several months. He expressed his frustration with employees who did not possess a strong work ethic and were not loyal. He was shocked when I pointed out perhaps he had a direct or indirect impact on these employees’ behavior and/or decision to leave the company. In fact, I noted that having numerous employees quit in such a short time period might be a clear sign … Read More >

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Keys to Creating a Culture of Engagement

Business schools provide future leaders with plenty of education about strategies they can use to make companies more profitable and enhance employee productivity, but they’re missing the mark if they stop there. Research shows creating a culture that actively promotes employee engagement will lead to team synergy, which can be critical to business sustainability. In other words, if you don’t create a culture of engagement, all the strategy in the world won’t be effective in achieving success. As someone who has provided business advisor … Read More >

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