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
When you press submit, we will use your details to communicate with you. Every email has an unsubscribe option. We do not share or sell your data.
Please see our privacy policy to understand more on our beliefs and practices on how we treat you and your data.