Welcome to the Network of Family Businesses & SKM Associates Family Business Advisors.
An Innovative Global Firm For Family Businesses overflowing with resources. Focused exclusively on the unique needs and concerns of Family Businesses, Solopreneurs, and Small Business Owners by providing educational material, networking opportunities, business family consulting, and leadership development for families in business.
Many founders of
businesses who want to pass the business to their children find it difficult to
actually do so.Developing a plan,
crafting a process for the development of the next generation, and
transitioning of the business to the next generation can feel like a foreign
concept or unchartered territory.
The founder’s heart is
generally in the right place in his or her desire for the next generation to
take over the business.However,
it is not uncommon to hear statements like the following from the senior
generation: why don’t they tell me what they want to do? what do they want? why
won’t they just step up and take responsibility? what do they expect of us?”
The next generation, on
the other hand, is often wondering: why doesn’t Dad / Mom just tell us what
they want? which one of us will be president? when will they retire? what will
they do when they retire?
Too often, the next generation
is not given opportunities to learn how to make critical long-term strategic
decisions and is not given a chance to participate in family leadership
meetings to learn how to analyze both family and business issues. In some situations, the next generation is
never truly given the opportunity to learn how to operate the business.
It is critical for the senior
generation to consciously help the next generation grow. The next generation
needs to gain the expertise, experience, mentoring, tacit knowledge, passion,
and internal drive to continue building the family legacy. The next generation
needs to hear praise, encouragement, appropriate guidance, and the confidence
of the senior generation. When the proper plans, processes, and guidance are in
place by the senior leadership, the next generation can continue building the
A leader is best when people barely know he or she
exists, not so good when people obey and acclaim him or her, worst when they
despise them. But of a good leader,
who talks little, when their work is done, their aim fulfilled, they will say,
'We did this ourselves.'
What are you doing to
prepare the next generation?