The seminar-workshop is designed to give the participants an overview of How the Family should understand the dynamics that affect its members especially the older generation in relation to the younger generation. “Succession Planning” or “Leadership Transition” is and what it means for the continued success of the Family Business.
Understand the “family factor” in a family business succession process. Know the people who are involved and are affected in the process. Recognize the common individual and relational struggles that make the transition difficult. Learn effective ways of managing the family dynamics and addressing individual and relationship challenges that come during this very crucial period in a life of a business family.
A study by the University of Connecticut Family Business of 800 family businesses said that the ultimate collapse of firms was precipitated by the founder’s death or incapacity in 47.7% of businesses. That compelling statistic surely affirms the importance of Succession Planning.
The actual physical “Changing of the Guards” is an event, but the Succession Planning that should precipitate that should be a process consciously engaged in by the family so that the actual event is not an imposition but a result.
Succession Planning is a professional, rational and perpetual process in any successful business enterprise. How come when applied to Family Business where the contenders are family members, the process losses professionalism and rationality? Worse, it is put on the back burner not addressed at all.
The participants should put all relevant succession issues in a structured format and address potentially emotional issues in a professional framework so that these issues can be addressed effectively and enable the family to formulate guidelines for the smooth generational transition and leadership – identification of the potential successors, leadership training, etc.
Business family owners, family members in management, entrepreneurs, students, and non-family members working and/or employed in family businesses.