Now There's A New Way To Put SUCCESS Back Into Family Firm SUCCESSION
I want to give you the edge, the secret 'missing link' so you can be one of the SUCCESSFUL family firms that manages the transition to the next generation successfully and profitably. Succession: The Biggest Threat To Your Family's Legacy, containing a succinct comparative analysis of key succession issues in family firms, plus a step-by-step action strategy for ensuring better succession outcomes.
You need this book if you are:
- The second-generation owner of a family firm who needs to plan for the transfer of control to the next generation
- The founder of a family firm wanting to hand over the reigns of the company to your son, daughter or other heir.
- The approach I take is to compare typically unsuccessful family firm succession plans with typically successful corporate (non-family) succession plans.
- The heir to the family firm and are apprehensive, timid or unsure about the process
- This comparative format gives you substantial insights into what YOU can do to mirror the successful succession processes in corporate firms in YOUR own family business.
The 6 Key Differences Between Corporate And Family Firm Succession
Succession: The Biggest Threat To Your Family's Legacy outlines the 6 KEY DIFFERENTIATORS between corporate and family firm succession:
- Initiation And Outcome
There is typically resistance to the initiation of succession planning in family firms because it deals with the founder's mortality, power and control issues that are very emotional and personal. - Levels Of Analysis
Succession in a family business has been recognised as the most complex, frustrating and demanding business management challenge any executive will face in their business career. - Ownership
In contrast to corporate companies, this dimension is mission-critical to a fruitful transition. The added complexity is often ignored with disastrous consequences. - Firm Performance
In the corporate world, performance before and after the succession event is well researched and reported - especially in the case of public companies, where analysts and academics number-crunch the stats to incredible levels of detail. - Successors
Hiring from within comes with the territory in a family business, but not so in a non-family corporate culture. This aspect is of primary importance for the heir to grasp if he or she is to maximise the chances for a seamless ascension to the top position.
