A subscriber emailed with questions about her family business dealing with succession, legacy, managing long term key executives, and healthy peer communications.
Please watch for several tips on inter-generational communication and succession.
We look forward to hearing your thoughts and comments.
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Wayne, as you know I am transitioning to the third generation, but the leaders will be non family until one or more of my three kids shows interest and gains experience. On just graduated college and shows no interest. Two are still in school and my Senior is definitely coming to work for the Company. How much do I involve them in this succession planning process?
I’ll call you offline, John. Thanks.
I very much enjoyed your message today as it was right on! However, until all advisors learn and agree the importance of open family member communication by including all family members in the family business discussions these kind of “owner only” problems will never be resolved. The solution is eliminate family member secrecy and promote open communication.
Glad you liked it, Karl!
Great stuff as always Wayne. It is a helpful reminder not only for those in the stage of handing off the business but also for those like me who are building a family business and can keep this long-term notion in mind from the start and not to make it “all about me”.
Awesome Message!
Totally agree and thanks! This identifies yet another hurdle for some 1st Generation owners to understand and accept in the transition process.
Thanks, Frank!
Wayne,
Your message is spot on! It’s so critical to me that my kids have the freedom to experience making decisions as they grow in the operation moving forward. We’ve run the business for over 29 years, and over the last 5 years our children have re-branded the image of our website events division to a much more 21st century look! Without allowing them to take the reins, this would have been a struggle to accomplish. As a matter of fact, your messages are forwarded to me from my son!
Thank you for the perspective moving on!
Larry
That’s great to hear, Larry! Thank you.