Leadership Succession: Advice from Three Top Family Consultants
Date:
Apr 3, 2013
Even the best leaders experience growing pains and stepping into a new leadership role within a family enterprise can be an especially challenging experience. In last week’s article, several industry experts shared leadership advice they’d offer the next generation. This week, we hear from three more contributors. Each has their own take on the subject, though if a single common theme emerged from their advice, it’s that leadership is often as much about listening as it is about providing direction. Here’s what this week’s contributors have to say:
Penny Webb, founder of Familias & Company
’Know thyself’. Understand your strengths and aspirations and play to them. Understand where you may need support and ask a mentor or coach to support you. Spend time with other young next generation members of other firms and share experiences; learn from each other. And by all means, understand others' expectations of you: what type of leadership you are expected to play. Will you be a non-executive director on the Board? A CEO? Head of the Family Council?
Joline Godfrey, founder of Independent Means and author of Financially Fit Kids
I would advise new leaders to do the following five things:
- Use the opportunity for a 'listening tour'. Interview other family members to hear their hopes, vision, and expectations of you in your new role.
- Identify leaders outside your family and ask them to share their experiences in taking on a leadership role.
- Read, read, read. There is now a wealth of stories, case studies and advice available to help make a sound transition into your new role.
- Create some goals and benchmarks for yourself. What do you want to accomplish? Why? What will you need to achieve your vision?
- Breathe. And don't be afraid to make a few mistakes. It's how we grow, take risks, change.
Andrew Keyt, executive director of Family Business Center, Loyola University, and president of FBN North America
The first step for the next generation is to understand their unique leadership strengths and how those align with the strategies and directions of the family. The goal is to find a leadership role (either in the family business, foundation, family council, or board) that allows them to be the best leader that they can be - their most authentic self.
The second piece of advice would be to understand the values, culture and process of the organization that they will be leading. They will need to demonstrate that they understand the values and earn the trust of those around them before they will be allowed to lead any changes. They must respect the past, but always do what’s best for the family enterprise.
Closing words
Thanks to everyone who contributed to these leadership posts. Hearing different viewpoints from those familiar with leadership succession challenges is always invaluable.
Tell us which message resonated with you or gave you something to think about. Do you have a piece of advice for our NextGen Community? If so, please let us know.