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Tag Archives: Succession Planning

How to Execute a Smooth Succession

In my recent article – “Sabotaging Your Succession” – I talked about the major roadblocks that keep CEOs of family-owned businesses from overseeing a smooth transition of power, including lack of trust, a clash of visions and the inability to let go. A smooth succession requires, first and foremost, the ability to be honest with yourself about your goals and desires for both your business and your life after retirement. Once you have a clear and honest vision established, it’s time to implement a … 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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Family Business Successor Tips: Taking Over the Family Business

Leadership change is always stressful, but it’s multiplied exponentially when it takes place at a family business. Issues of business continuity are certainly at play, but the unique dynamic of maintaining personal relationships is also at the forefront of this difficult transition. Much has been written about how family business owners can best handle the changing of the guard to the next generation, or succession planning, but it’s just as important to focus on successors. These “heir apparents” face challenges that a business school … Read More >

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The Cost of Poor (or No) Succession Planning

The value of succession planning and the steps that should be taken to ensure successful transitions are topics that have been often written about by leadership experts (including me). What is less talked about is the cost of a poor succession plan, or not even having one; the best case scenario will be chaos and uncertainty, and the worst case: the business fails. Successful business owners will go to great lengths to put policies and procedures in place to ensure day-to-day operations run smoothly … Read More >

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Family Business Succession Planning: Boost the Odds of Long-Term Success

The statistics about family businesses—a mainstay of the global economy—are quite sobering. It’s well documented that just 30% of all family businesses last into the second generation, and only 12% make it to the third generation. Why? It’s often the result of poor talent management. An article in the April 2015 Harvard Business Review, “Leadership Lessons from Great Family Businesses,” provided some food for thought from a study conducted by Egon Zehender and Family Business Network International of the 50 leading family firms around … Read More >

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