Family Leadership Strategies

14 often heard. Senior ambivalence may wax and wane with time. However, the reality of mortality is that no one can lead forever. The choice for seniors is not whether they hand over their leadership roles, but when they do so and how. That critical choice will affect the entire family, its business, and its wealth for many generations. So, what are the transition imperatives (concerns, needs, and desires) most often identified by seniors? They include: • Building upon the foundation they have laid • Future generations’ readiness and desire to lead • Suitable timetable • Continuity of values, policies, and practices they hold dear • Creating a legacy that acknowledges their leadership • Potential disruption of family harmony • What’s next for me? Planning for the next phase of the senior’s life is often overlooked in the process. While considerable attention is given to the incoming candidates, we tend to assume that the successful senior will sort out his or her affairs themselves, but this isnot always so. It isalsoessential seniors liveameaningful and challenging lifestyle after the succession, and this requires thought and planning. Comprehensive transition plans should, where appropriate include post-CEO/chairperson strategies for seniors. Often, absent a clear post- transition strategy, seniors may succumb to the temptations of reverting to their past role resulting in role confusion and unnecessary tension. To find life-fulfilling and meaningful activities, many senior leaders will pursue foundation, family, cultural, educational, investment, or even entrepreneurial interests. The very nature of the transition strategy is that the ongoing leader’s career continues to evolve, rather than end. Ideally, the senior views this phase not in terms of what he or she is giving up, but rather in terms of what new challenges and opportunities are to be undertaken. A senior can choose to retire and completely relinquish all authority and control, or conversely, retain some engagement in an advisory or emeritus capacity. If the enterprise is under extreme financial, operational, or strategic stress at the time of transition, some may remain engaged but only in a problem-solving and