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On Business Succession and Managing Change
The number one Achilles heel is generational transition. This is when family businesses are most vulnerable.
Personal views
“ Enjoy the rose buds on the way.”
“ The family business should not be the easy option, because it isn't.”
“ Innovation is essential to remain at the forefront of your category.”
“ The earlier you start talking about the business the better.”
“ It’s easy to spend too much time doing the doing and not enough time on strategy.”
“ The reason we are still here is because we have never stopped changing.”
“ Blaming it on the industry is not a valid reason for a business performing badly.”
“ The man on the fence sees the most pheasants.”
“ Moving from a control freak to a controls freak can be the most difficult.”
“ Father did not want to let go. He never thought about retiring.”
“ We didn’t talk about who was going to lead the business when my father died.”
“ It’s about evolution, not revolution.”
“ Sometimes high achievers do not want to join the business and low achievers do.”
“ There is no point passing on shares if you do not have a viable business.”
“ It’s really important that someone is seen to be at the helm.”
“ Many families don’t consider how to manage succession until it’s too late.”
“ The Chief Executive did not encourage the next generation through the business.”
“ I didn't want to be the one to muck it up.”
“ Every decision is a risk taking decision”
“ You must keep family relationships and business relationships quite separate”
“ Assess the implications of decisions before taking them”
“ Take time to understand the family concerns”
“ Understand your children’s motivation in joining the family business”
“ Consider getting experience outside the family business first”
“ Family members need personal development plans”
“ Co-leadership may be an option to consider when a family has many talented people with leadership capabilities”
“ Maintain a sense of humour”
“ It is important to consider the expectations of the previous generation”
“ Establish if there is an acknowledged leader and if so who it is.”
