Is your successor good at numbers but not with people? Is he/she a task doer or a strategic thinker? Has choosing a successor given you sleepless nights?
Succession is a PROCESS not an EVENT. Here are some tips for how to cultivate, train, and select the perfect successor for your family business.
As always, we look forward to your thoughts and comments below!
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Tom Harvey says:
Agreed. My research and experience supports what you say about the soft skills. Can you send me the link to the Carniegie institute source.
Sandra de Roos says:
more quick bites to improve family bussinesses. Thank you for the clear lessons! keep them coming. So practical. Why was “listening” so emphasised? Are the next gen really so bad at listening? Could you elaborate? What are we missing (not hearing) from the current leaders?
Sandra
Braye says:
Well articulated. Very insightful. Never knew negotiation is a skill,WOW.
CAN YOU PUT MORE LIGHT ON SUCCESSION PLANNING AND ORGANISATION SURVIVAL?
Chip Greene says:
I agree with everything Wayne said in this video. However in certain businesses, the Technical knowledge is vital to an extent as well. Yes we hire people with those skills but as leaders don’t we need to know how to talk the talk as well? As a mechanical contractor we are hired for our expertise by GC’s and owners.
Wayne Rivers says:
You need to know a whole lot less about the technical than you think, Chip. For example, Jack Welch probably knows very little about the mechanical business, but do you think he could adequately run your companY? Once you have a basic working knowledge, that’s about all you need.
Alexa says:
I wholly agree with these points. Recently, during an interview with an individual who took over their family company 15 years ago, their main lament was that they never learnt how to negotiate. What’s worse, they are fully aware that there was a lack of communication during their transition process, but they still are hesitant to openly communicate with their successors (3rd generation). This is where self development and EQ come in.
Wayne Rivers says:
Good feedback, Alexa. Thanks.