Is the traditional method of family business leadership succession, where the successor joins the business at a young age and gradually learns the values and business knowledge from the senior generation, still the best approach? In this week’s FFI Practitioner, contributors Zografia Bika, Peter Rosa, and Fahri Karakas examine this question through a study of a multi-generational Scottish construction company and share actionable insights for advisors helping clients with succession planning.
Thank you to this week’s contributor, Randy Waesche, for this thought-provoking examination of the influence that money and financial independence can have in the succession process.
Every Wednesday authors for FFI Practitioner share insights on the field of family enterprise advising and consulting from a variety of vantage points. Today we’d like to invite you to Write for FFI Practitioner! And… as inspiration, we point you toward examples of articles from contributors across the globe and some topics that could use more contributors.
The month-long FFI Practitioner series of pieces relating to the theme of “Reflections” continues this week with an article by the co-chair of FFI Practitioner editorial committee, Jamie Weiner. In this article, Jamie reflects on his own experience growing up with a father who was a “giant” in his community and explores the importance of creating rites of passage for next gen family business members to create their own identity and find their voice when succeeding a parent who is a “giant.”
Both Sides Now: The increasing importance of focusing on both sides of competence (sustained and diminishing) for family owned enterprises
This week’s article examines two sides of one issue – competency. Thanks to Patricia Annino for sharing her analysis of the challenges presented by either sustained or diminished competence in an older family founder and for providing practical steps to help family plan for these challenges.
This week’s FFI Practitioner Edition by Michael Madera categorizes the mindset of many family firms in the midst of transition into “Hold, Mix, and Shift.”
This week’s Practitioner features the second of five articles from the FBR Special Issue on advising family enterprise.
Last week, The Practitioner caught up with Chris on his US book tour. James Olan Hutcheson, an FFI Fellow and advocate on this issue, was able to sit down with Chris.
In my work as a family business advisor, I have had numerous opportunities to collaborate with a registered clinical counsellor who specializes in family therapy.
Succession Planning in the Palliative Care Unit John Geddes Succession planning is often delayed or avoided due a number of reasons. And while the details may differ client to client, failure in this area is a phenomenon common to many family enterprises. The following story details a difficult and complicated situation for one of my clients. Bill, aged 68, had an 80% majority ownership in a third-generation glass cutting and installation business in the Mid-West US, which I’ll call “OM Glaziers”--“OM” for short. The company cut and installed glass shower stalls for condo
Guest Blogger: Andrew Keyt When preparing families for business succession planning,advisors often mistakenly narrow their focus to the single individual they deem most capable of running the business upon a CEO’s retirement. But to truly make sure families preserve their core values while maintaining strong corporate governance and sound strategic planning, advisors should make it their business togroom all next-generational family members for unique leadership positions. Since I began working with successors in 1997, I’ve seen first-hand how so many NextGen family members are ill-prepared to assume leadership roles. But this situation can be avoided
Unless the Kardashian family is one of your clients (and The Practitioner sincerely hopes this isn’t the case), families you serve probably don’t have camera crews following them around 24/7, video-documenting their every move. Don’t worry--I’m not suggesting you set up your clients with reality show deals of their own. But I AM recommending you carefully listen to the sage words preached by Judith Kolva--author of this week’s companion article on encouraging clients to chronicle family histories by interviewing family members about generations past. We’re not talking about doing a cursory, slapdash job, here. We’re talking