Leadership Transitions

For family businesses looking towards long-term survival and success, the business leader’s most important task is arguably to identify and help nurture his or her successor. A leadership void has the potential to severely damage or destroy even the most successful business. 

Almost every family business has its own unique character traits when it comes to leadership transitions.  In a first-generation business with one or more children potentially poised to take over, the decision-maker is both an owner and a parent. Even if there is only one child involved, what does the owner/parent do when that child is not up to the task of taking over the business?   If more than one child, who should be the heir apparent?  

Second-generation family business owners will have a very different set of issues to deal with.  Sibling or cousin owners who have one or more children of their own in the business cannot be objective about their own children’s abilities and especially where more than one are involved this can be a highly sensitive subject. How to decide who takes over in the third generation can tear apart even the closest of families.

This is one area where the saying “an ounce of prevention is worth a pound of cure” is particularly applicable. Equitas helps ensure successful leadership transitions in the following service areas:

  • Strategic Planning
  • Successor Coaching
  • Governance
  • Business Processes

Share |

Equitas provides businesses and families with the necessary tools to achieve transition success.