Perhaps they don't say so. But for the heads of family businesses, it can be difficult to hand over the leadership role to the next generation.
Experience in running a business is not something you acquire overnight. And should the course not be maintained if the company has been successful for decades?
A generational change is like changing drivers while the car is still moving:
This is often a difficult matter, particularly if the driver considers the successor to be "not ready" and insists on remaining in the driver's seat.
So what do you do if you belong to the generation that is set to take over the management of the company during a generational change?
If we stick with the car analogy, don't try to pull the driver's hands away from the steering wheel.
Be more constructive.
Consider generational change as a process. Here, you can learn a lot from the previous generation and thereby minimize the risk of pushing the organization and family into a crisis as a result of generational change.
And with that approach, you will be met with a higher degree of trust, confidence, and understanding from the person you are taking over from.
Is your mother or father the chair of the board of directors in the family business? Then, well in advance of the generational change, try to agree that you will be the vice chair and help with some of the chair's tasks.
Over time, you can take on more and more tasks. And to ensure a smooth transition, you can swap places so that the matriarch becomes vice-chair and you become chair.
Sure. The interaction can be challenging. But it can also give you time to adjust and make the generational shift go more smoothly.
It is not always easy to pass on your life's work, and it can also be difficult to acknowledge that the next generation of your family has grown up. So be patient and appreciate the outgoing generation's willingness to contribute to the end – even if you are ready to put your own leadership skills to work.
Contact me if your family owns a business that is facing a difficult generational transition. We will then determine whether you can benefit from our assistance.
