Developing a Roadmap for Successful Family Leadership Transitions
Overview
Leadership succession is perhaps the most uniquely challenging issue a family faces. It transcends the business of wealth management to touch on personal issues of family dynamics and engagement. It is for this reason that you need a clear, transparent and understandable plan for making a change in leadership, one that helps you balance preserving your legacy with preserving family harmony. In this 2012 FOX Fall Forum session, Karen Neal and Margaret Vaughan Robinson of the Family Office Exchange detailed a roadmap to help create a successful plan.
Some key takeaways:
- Succession is a process, not an event.
- “Passing the torch” is not always precipitated by a death in the family. Sometimes the older generation takes a back seat and transitions to more of an advisory role.
- The next generation is often very involved in their own lives and don’t have time to take on a leadership role
Leadership skills identified by attendees:
- Respect and trust of the family
- Conscientious worker with good follow through
- Relevant work experience
- Financial acumen
- A consensus builder
- Has vision