“The next generation of owner-managers will face great challenges.
The rate of change in business has accelerated so much that a single business strategy rarely endures for a generation… Not only must successors prepare to run the business, but they must also equip themselves for strategic revitalization—not once, but perhaps many times during their tenure…
Add to this the timeless challenge of following in the footsteps of a successful and dominant business leader who may be idolized by family and others, and the successor’s job begins to look daunting indeed.”
--Preparing Successors for Leadership: Another Kind of Hero, Aronoff Ward
Preparing the next generation to take on responsibility for stewardship of the family business is critical to a seamless, successful transition when the time comes.
We work with families to prepare enthusiastic, capable successors that are ready and able to take on business challenges and leadership roles and are excited to do so in partnership with their siblings, cousins and other family members.
Through guidance, education, training, feedback and support, these next generation leaders learn skills in leadership, diplomacy, financial management, business acumen, ethics, accountability, communication, management skills and more, all while assuring that they understand and embrace the vision, values and heritage of the family business that they will come to lead.
After learning and understanding the needs of a particular family and their business, this work can include:
• Defining criteria for participation in the company
• Developing mentorship opportunities
• Personal coaching
• Creating avenues for impartial and comprehensive performance feedback
• Exposure to financials, governance, and other key aspects of business leadership
• Training and educational programs
• Skills and traits assessments
Contact us to learn more about preparing your next generation to enter or lead the family business.Content here.