Family Leadership Strategies

Observations • Understanding the motivations or imperatives of each stakeholder group is key to a successful outcome. • Begin by assessing the state of the family enterprise, is it growing, in decline or static? This will serve to frame the nature, timing, and key ingredients of the leadership roles to be filled. • Typical imperatives for seniors include: building upon the foundation they have laid, the wellbeing of future generations, personal legacy, acknowledging their past achievements, and a meaningful and challenging life after succession with a clear post-transition strategy. • Typical imperatives for successors include: their own readiness and family support, authority consistent with responsibilities, and fair equity ownership and compensation. • Typical imperatives for the family include: family harmony and fairness, inclusion, ensuring all members have a voice, transparency, multi- generational wealth preservation, and public perception. • Typical imperatives for the family enterprise include: continuity, predictability, job security, and ability to achieve necessary financial, strategic, and governance objectives. Tasks • Identify and interview the key constituents that make up stakeholder groups. In a controlled and thoughtful way, solicit input regarding hopes and concerns. Avoid the temptation to negotiate, this is an opportunity to listen and foster inclusion.