The Land of Family may well be one of the most challenging and time-consuming lands you will need to traverse. Family is often not easy but the preservation and compounding of your wealth across generations requires that you actively engage your family in the succession process. Transparency, clarity, consensus building and excellent communication are vital aspects of this engagement.

 

 

Conditioning For Transition In 2019

Family business succession is not a single event, nor does it occur overnight. It requires preparation and conditioning before being commenced. During the months of December and January, ‘Orienteering Succession’ will revisit the journey of succession and each of the lands that will need to be crossed.

 

Summer Series – No. 3/7

Three Selected Articles:

 

The Many Roles Of The Family Charter #succession

Sometimes called a family charter, other times a constitution, legally binding or not legally binding, whatever form it may take, appreciating its role in the succession process is vital.

Active Knowledge Question:

Where would you see a family charter fitting into a succession process?

 

The Family Meeting #succession

If you are thinking about succession then start communicating and sharing your thoughts. Start with a family meeting to build understanding, awareness and a shared commitment.

Active Knowledge Questions:

• Have you started open conversations about succession with family members?
• Do you have regular scheduled family meetings, led by an agenda, that everyone attends?
• Are there any assumptions that you are carrying forward, and which you have not verified in the family meetings?

 

A Place For Everyone And Everyone In Their Right Place #succession

Effective and successful businesses exist because they have the right people in the right places doing the job for which they are best suited. When family businesses transition it is an opportunity to optimise this principle.

Active Knowledge Questions:

• How do you decide who gets what role and what they are paid?
• Is it based on merit or preferential treatment?

 

Exit Check

Before you leave this Land of Family you must have:

• Built a foundation for family harmony.
• Developed a communication strategy for renewing that harmony.
• Established regular meetings with family members.
• Developed a Family Charter.
• Identified future leaders.
• Identified a role for each family member that will allow individual growth and a sense of contribution.
• Created a unified team for the succession journey.