Grooming for Succession in Family Businesses
Planning for succession is the most crucial task for any family business.
Why succession matters
For a next generation entrepreneur, stepping into the shoes of an illustrious predecessor is often an onerous task and this is where the support of a coach and mentor can be enormously beneficial.
CFI’s coaching program to groom for success in a family business context is a medium-term intervention designed and executed as a collaborative alliance between the young leader, the predecessor and the coach.
Based on a strong foundation of trust and backed by a sound assessment of the business and leader’s abilities, the coach is able to help the entrepreneur establish a clear developmental agenda and work on it.
What it takes for succession to happen
For the founder or the one at the helm, succession calls for investment of time and efforts in identifying and grooming the next generation of leaders. At a personal level it calls for the ability to let go in a planned, systematic manner.
For both the founders and the successors clash of ideas, values, strategies and styles during the period of succession can pose huge emotional challenges if managed poorly.
This is where the support of a coach and mentor can be enormously beneficial for both generations.
The CFI program
CFI’s mentoring and coaching program to groom for success in a family business context is a medium-term intervention designed and executed as a collaborative alliance between the young leader, the predecessor and the coach.
CFI’s solution architects understand the unique context of each entrepreneur and suggest a program that addresses their specific needs. What duration it will take, what support will be required on all sides and what developmental agendas must be addressed are all clearly outlined. On this basis, the right mentor and coach is identified.
Grooming for succession can also take the form of working with more than one family member and include some of the professionals in the business.
It can also take the form of an early intervention to give the next generation an long runway to get into and participate in the business.
If you are the founder of a family business or the current head of the family and are looking for a bespoke solution to address your business succession needs, talk to us.
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We will help craft a solution to address your leader development needs.
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