Is your son or daughter a good fit for your family business? This can be a difficult question to answer if you’re being equally honest about what’s best for them and for your business. Listen as Wayne shares some guidance in the form of a decision tree. As always, we look forward to your comments below!
DOWNLOAD #1: Family Business Qualifications Decision Tree – Entering the Family Business
DOWNLOAD #2: Family Business Qualifications Decision Tree – Future Leader
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Wayne, how can a young next gen leader that meets all the criterea negotiate themselves into position when the current old leaders are not ready to let go. How can the opportunity for win-win of the longterm objectives be created/used when current leaders want to die behind their desk without entertaining the thought of planning for succesion? Do I just wait and hope, or keep challenging them, or opt out ? It´s demotivating to have to wait until it´s incredibly hard to continue with the business after their death and having to pickup the pieces that are left. It´s ultimately their decision, but if there is anything I can do to better the future I´d like to consider it.
Best regards,
Sandra
Hi Sandra-
Re: the senior generation, you can lead a horse to water… Another cliché: he who has the gold makes the rules.
Work on yourself. Get all the training, skills, and knowledge you can. Make yourself bulletproof so you can dictate terms at the appropriate point: “Either we transition this fambiz, or I am accepting this offer to go work for XYZ Company.” Sounds terribly harsh, but in 28 years it has proven to be the only way you can negotiate from a position of strength v. weakness.
Good luck! Let us know what and how you do, please!
For Sandra, I would add that an interim step of engaging in a planning process toward a succession plan will help. Again, you may encounter resistance, but this first step is usually necessary due to the following.
I have found that much of the resistance is based upon fears, sometimes well-founded, other times not. These may range from fears of how to fund the rest of their life, what they will do (in the business or outside the business) if they move away from day to day leadership, how to treat the children fairly, how to decide between family and non-family leaders for key roles and even concerns or confusion about the ultimate strategic direction of the business. These can be identified and attacked through a planning process. 3rd party consulting is probably necessary to break through many of the obstacles that exist.
Best of luck moving forward!
Dennis
Hey Wayne and Dennis,
Good message today and each week.
We continue to be successful in our growth and our family members in our business. 2 sons 1 daughter now 1 nephew. Sounds like a good prospect for your company. I will share this message with family employees to let them know big brother is watching and planning for future.
Expectations of these young people can harmful to them as well as the company. How can we remind them of no guarantees in life without deflating their ego or stunting growth?
Thanks
Hi Wayne,
The flow charts should take into consideration too that family members can grow these “nos” into “yeses.” Professional and personal experiences, age, and maturity are omitted unfortunately her and label a person stagnant throughout his/her life. People can change over time. Hopefully the flow chart can be edited for those trying to use them.
I always watch your videos…very interesting and helpful for sure! 🙂
Thank you!
Haim
Good call, Haim. Thank you!
What is your advice re son/daughter working outside the family business before they come on board.
Thanks,
Mary
Kick those kids out of the family nest and have them work elsewhere!The long term benefits are too great to ignore!