Make sure the family understands what makes a family business successful.
Developing the next generation of leaders in the family business is a process. Succession is a crucial time for the family business. Who’s next? It’s essential that family members have insight into the challenges and prospects of ownership. Make sure they do not underestimate what it takes for the family business to succeed.
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Strategy Leaders Action Plan For a Successful Business
Engaging the next generation to work in the family business is one piece of the puzzle
Make sure they’re well prepared to manage, they understand the ins and outs of running a business.
- Get them to earn the respect of their peers because of their ability to govern, not just because of their family name. Be certain that everyone at the table knows how to grow revenue, profit and stability.
- After all, when more family members join, there will be more shareholders at the table – more mouths to feed – more families depending the business.
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Strategic planning: When it comes time to talk about exiting the family business, ensure the conversation is productive.
- Develop Next-Generation Leaders can be a challenge. Draw clear lines to avoid conflict.
- Focus on shared “measurement of success” goals to bypass emotionally charged negotiations.
- Seek agreement on business goals that satisfy the interests and commitment of family members.
- Define the values and vision that the family wants to persist across generations to ensure the future of your family business.