Family Business Succession - The Final Test of Greatness [A Family Business Publication]

Helps to prepare for passing the family business on to the next generation. Leaders will learn how to create a succession plan; how to develop opportunities for succession candidates; how to build consensus with the family and leaders on succession plans and finally leaders will learn when and how to let go of their own role in the business. Cover 1 Half Title 2 Title Page 4 Copyright Page 5 Table of Contents 6 EXHIBITS 7 1 Introduction: The Final Test of Greatness 9 2 The Pieces of the Succession Puzzle 20 3 The CEO’s Personal Challenge: Preparing for a New Life 26 4 Preparing Your Business for Succession 33 5 Developing Effective Successors 39 6 Preparing the Family for a Successful Transition 57 7 Preparing the Responsible Owner Team 62 8 The Evolving Roles of Leader and Successor 66 9 Implementing Succession 77 10 Understanding Family Tensions 85 11 Other Pitfalls: Where Are You Most Likely to Stumble? 88 12 Summary 91 APPENDICES 94 INDEX 101 THE AUTHORS 103 Front Matter....Pages i-viii Introduction....Pages 1-11 The Pieces of the Succession Puzzle....Pages 13-18 The CEO’s Personal Challenge....Pages 19-25 Preparing Your Business for Succession....Pages 27-32 Developing Effective Successors....Pages 33-50 Preparing the Family for a Successful Transition....Pages 51-55 Preparing the Responsible Owner Team....Pages 57-60 The Evolving Roles of Leader and Successor....Pages 61-71 Implementing Succession....Pages 73-80 Understanding Family Tensions....Pages 81-83 Other Pitfalls....Pages 85-87 Summary....Pages 89-91 Back Matter....Pages 93-103 Preparing to pass the family business on to the next generation is perhaps the roughest and most critical challenge facing business owners. Yet most businesses don't realize that succession is a lifelong process of planning and management. Leaders will learn how to create a succession plan; how to develop opportunities for succession candidates; how to build consensus with the family and leaders on succession plans; and when and how to let go of their own role in the business Identifies succession management problems and solutions for family businesses. Outlines the five main areas for managing succession well: preparing the CEO, preparing the business, developing the successor(s), preparing the family, and preparing the ownership team. Also covers contingency planning in case of an unexpected death