Generational Transitions: Transferring Family Wealth, Business and Leadership to a Fully Prepared Next Generation
“family wealth is like the energy of a fire: untended and unprotected, it can burn down by itself, leaving nothing behind but ashes”
– Reverend Thomas Binney
Managing Generational Transitions and Leadership Succession is one of the greatest challenges that any family will face.
Based on modern family patterns, generational transitions usually take place every 30 years or so.Leadership successions can take place at any time, whether planned or unplanned.Family leaders should follow best practices to manage these changes. Best practices include planning activities before, during and after the transition or succession. The “hard” and “soft” issues should be addressed throughout the process.
Establishing a firm foundation of governance, leadership and family communications before a change initiative also improves the likelihood of success.
Objectives
This Master Class will give you the insights and tools to plan and implement these two substantial change management initiatives. Learn how to gauge family member strengths,weaknesses,aspirations and expectations. Learn how to facilitate transparent communication and active listening. Explore meritocratic and rotating approaches to key role assignments.
Instructors
Mark Daniell, Sara Hamilton, Robert Batt
- History and Evolution of the Family Business: Past Results, Current Objectives and Future Strategies for all aspects of the Family Enterprise To download, right-click on the link above and select “Save link as…”
- Challenges and Risks in Leadership Succession and Generational Transition To download, right-click on the link above and select “Save link as…”
- Opportunities to create positive change in family governance, asset structures, business results, wealth management performance, Family Office and eco-system Objectives and Operations, Philanthropy, Community, Organizational, other To download, right-click on the link above and select “Save link as…”
- Integrated Three-Phase Transition Plan (with clear roles for both rising and retiring family members) To download, right-click on the link above and select “Save link as…”
- Assessment of Individual Member Capabilities and Interests, Assignment of New Roles and Responsibilities To download, right-click on the link above and select “Save link as…”
- Performance Appraisal and Personal Development Plans To download, right-click on the link above and select “Save link as…”
- Mentoring Program To download, right-click on the link above and select “Save link as…”
- ”20-second” and ”20-year” Succession Plans To download, right-click on the link above and select “Save link as…”
- Family Communication Plan To download, right-click on the link above and select “Save link as…”
- Ethical Will To download, right-click on the link above and select “Save link as…”
- Test for Emotional Readiness To download, right-click on the link above and select “Save link as…”
- Assigning and Defining Roles for a Generational Transition (‘GT’) Program To download, right-click on the link above and select “Save link as…”
- Recurring Challenges and Potential Responses: Meritocracy vs Rotating Positions, Branch Balancing, To download, right-click on the link above and select “Save link as…”
Your course progress
Course Modules
Course Information
Course Instructor
Understanding Family and Business Challenges, Preparing for Successful Transitions
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The Framework for Successful Family Leadership Succession
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Strategic Career Pathing in the Family Business
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The Three Phases of a Generational Transition
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Ensuring Emotional and Technical Readiness of the Whole Family (NxG Education)
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Setting family goals and individual roles
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Addressing ‘hard’ and ‘soft’ issue
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From Vision and Plans to Practical Action: Helping the Rising Generation to Step Upand the Current Leadership Generation to Step Down
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