SUCCESS IN SUCCESSION
The next generation taking over the family business
CHALLENGE
A nextgen was taking over the family business. To grow the business he also took on a private equity partner. The private equity firm recommended me as a sounding board to the CEO.INSIGHTS
The new CEO was the oldest son and best equipped to take over the business, with the skillset, knowledge and passion. He also had a vision and the mindset to get there. Some of the senior executives had been with the company for some time. They had strong relationships with the father and used to his way of doing business. A big challenge was enabling them to have a shift in mindset to a new way of doing business and genuinely respecting the new CEO, an individual they had known since he was a boy, and in some ways still fixed on seeing him as younger and therefore less experienced than them. SOLUTION & OUTCOME- Conducted one-to-one sessions with the Senior Executive team to understand their background and assess their capabilities and mindset.
- Identified potential threats related to attrition and politicking
- Working with the CEO, enabled him to think through workarounds and develop the right strategies
- Taken in as a trusted advisor to discuss deeper family dynamics, challenges, aspirations and legacy
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