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Success in succession

The next generation taking over the family business

Situation

The son of the founder was taking over the family business.

To grow the company, he took on a private equity partner. The private equity firm recommended me as a sounding board to the CEO.

Context

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 were used to his way of doing business. A big challenge was enabling them to shift their mindset to a new way of doing business and genuinely respecting the new CEO, an individual they had known since he was a boy. In some ways, they saw him as younger and, therefore, less experienced than them.

Approach

  • Conducted one-to-one sessions with the Senior Executive team to understand their background and assess their capabilities and mindset.
  • Identified and addressed potential threats related to attrition and politicking
  • Working with the CEO, enabled him to think through workarounds and develop the right strategies
  • Became a trusted advisor to discuss deeper family dynamics, challenges, aspirations and legacy.

Why it matters

Change can be difficult, especially when it’s related to a person’s life work. Having the time, space and insight to understand the different factors at play, what truly matters and finding a way forward can make all the difference.

Get in touch

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