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Category Archives: Succession Planning

Investing in Potential

Why family-owned businesses should invest in leadership development Your business goes as your leadership goes. Leadership can either buoy a business or sink it. Finding (and keeping) good leaders is paramount to success. That’s why large corporations and many privately-owned businesses make significant investments in the development of future leadership. Family-owned businesses, however, lag behind in this regard. That’s because many family businesses have a pre-ordained leader waiting in the wings, usually another family member.  Effective leaders, however, aren’t chosen—they’re made. Leadership development programs … Read More >

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Why Legacy Is the Key to a Smooth Transition for Family Businesses

As you may have heard, the world’s most popular television show, Game of Thrones, is in the midst of its final season. The show—if you are one of the approximately 15 people on the planet who has not seen it—has an overriding theme of family and the importance of family legacy. Much of the characters’ motivation is derived from creating or leaving a legacy. The concept of legacy—in the show and in real life—is both abstract and incredibly powerful. And for family businesses in … Read More >

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Critical Principles for Mentoring the Next Generation

Mentorship is crucial for the next generation of leaders. Whether the younger generation is being groomed to take over a family business or simply graduate into a leadership position at a closely held or public company, the knowledge and wisdom of the current generation is imperative to the younger generation’s success. I have found in my work, however, that many mentor-mentee relationships suffer from a variety of roadblocks, leaving both mentor and mentee frustrated and disenfranchised. The generational divide is often the main driver … Read More >

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When You Should Revisit Your Company’s Values

Let’s Talk About Values Every person and every company lives and operates by a set of values – or at least purports to. Too often though, we state our values, then ignore them – and eventually forget about them. Revisiting your values on a consistent basis is extremely important – especially for businesses. Values are not static. Times change, businesses change and leadership changes. If your values aren’t reflective of these shifts in your business, things can get off track quickly. As a family … Read More >

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Life After Your Business: What’s Your Passion?

When you own your own business, it’s often your vocation and avocation. In a word – it’s your life. When it comes time to move on from your business and retire, though, this can be a problem. Too many business owners fail to take the necessary planning steps to transition their companies to the next generation of leaders, waiting until the last second to relinquish control. It’s not because of ignorance and it’s not because of laziness. According to a recent survey, 80% of … Read More >

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