Successfully integrating family into the business, whether as an employee, manager, or one-day successor, requires having a plan. Next-Gen business owners may need to invest their entire net-worth back into the business to compete with the larger consolidators. This means being less a caretaker of the business as generations past, and more focused on building an empire. Therefore, planning is critical to ensuring you have the right individual or team to carry the business forward.
In this episode, Pete Theil with Haig Partners and The Rawls Group’s succession planner Champ Rawls discuss what it will take for up-and-coming leaders and potential successors to succeed now and in the future.
Often, we see a next-gen family member chosen as a “successor” and plopped into the corner office with the assumption people will fall in line and they will rise to the occasion. Sadly, these situations don’t work as hoped without some intervention. Key leaders leave, conflict becomes the norm, and the business underperforms.
The family business is a fishbowl; a strategy, formal job descriptions, and employment and performance policies create a standard everyone understands and a foundation for respect. Respect fosters trust, and trust is the foundation for collaboration and healthy relationships. With the right person and the right plan, anything is possible.