In a recent survey conducted by Wilmington Trust1, 47% of business owners over the age of 65 do not have a specific transition plan. We have found that the sheer complexity of transition planning is often a barrier to creating any plan at all. One of the most effective places to start is by creating a path for welcoming the next generation into the family enterprise.
During this webinar, Barb Dartt and David Karofsky will explore best practices in preparing and educating the next generation to help ensure the long-term sustainability of the organization. Specifically, the program will address:
- Identifying what it means to be an effective owner
- Overall ownership development goals for the next gen including how and when to start
- How to communicate effectively while recognizing and celebrating differences among generations
- Establishing criteria for next-gen family members to join the enterprise
- How an onboarding rotation program can provide a better understanding of the business
- Understanding how decisions are made in the family business
- Passing the baton: who needs to let go and who needs to take hold
This free, one-hour program includes time for Q&A. A recording of the webinar will be available for all registrants.
1The Power of Planning, Wilmington Trust, 2017
- Shared Vision and Effective Next-Generation Leaders: Two Sides of the Same Coin
- Introducing Teens and Young Adults to the Family Enterprise
- Family Champions: Energy for Success
- The Roles and Responsibilities of Family Ownership
- Family Owner Development — The Foundation for Continuity
- Rotational Systems: An Approach to Career Development
- Family Business Employment Policies: Evening the Playing Field for the Next-Generation
- Family Employment and Career Guidance: One Size Does Not Fit All
- Family Business Education for the Next Generation
- Decision Making on Family Business Matters
- “Letting Go” is a Two-Way Street
- Letting Go, Stepping Up: Leadership in Transition
You can also access hundreds of in-depth articles written by our team that address the unique challenges faced by family enterprises from communication and conflict to succession and continuity. Visit our Article Library.
- So You’re in the Family Business…: A Guide to Sustainability
- Transitioning from the Top: Personal Continuity Planning for the Retiring Family Business Leader
- Family Business Succession: Your Roadmap to Continuity
- Family Wealth Continuity: Building a Foundation for the Future
- Leading a Family Business: Best Practices for Long-Term Stewardship
- Family Meetings: How to Build a Stronger Family and a Stronger Business
- The Family Council Handbook: How to Create, Run, and Maintain a Successful Family Business Council
- Siblings and the Family Business: Making it Work for Business, the Family, and the Future
- Family Business Ownership: How to Be an Effective Shareholder
Effective Ownership and Leadership Development
The Family Business Consulting Group works with families to plan for ownership changes and to create programs for educating potential owners on their rights and responsibilities as shareholders in the company. Current and future shareholders benefit from a stronger understanding of the ownership structure, and often gain a feeling of empowerment that contributes to a greater enjoyment and involvement in their participation as a shareholder.
To learn more about how experienced facilitation can impact your next family meeting, please contact us at firstname.lastname@example.org or 773-604-5005.