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Letting Go and Holding On: Managing Change in Family Companies
Developing Your Next CEO
Business Strategy
Leadership Talent & Generational Transitions
Capable leadership of the family business system—the business, family, and ownership group—is key to a family business' long-term competitive advantage. It is almost always a team sport, requiring more than one individual to make decisions for the system and encourage essential change. Great leaders are forward-looking, and support and prepare others to lead in the business, family, ownership group, and among non-family members.
In a family enterprise, leadership continuity is essential as the enterprise transitions from one generation to the next. The most critical phase in the life of a family business is the succession phase. The high mortality rate of family-owned businesses is linked to failures in the succession process, when many family businesses encounter problems due to a lack of adequate planning and preparation of next generation leaders. A well-planned and executed succession transition is not exclusive to business leadership: we know that successful transitions on the board, in the ownership group, in the family and throughout the entire enterprise are also crucial—and that aligning them is an art form.
CFEG works with business families around the world to strengthen their leadership talent and design and implement smooth succession transitions. CFEG collaborates with family owners to renew their company’s talent strategy; redesign and upgrade to the executive leadership model; reconfigure the balance of family and non-family leaders and executives; assess high-potential successor candidates and prepare their customized development plans; develop next generation leaders (both family and non-family) for the company, the board, family office, and foundation; nurture family talent; prepare owners to serve in the ownership role; clarify the complementary roles of Chairman, CEO, COO, and Holding Company leader; support departing leaders with recognition, appreciation and designs for their life plans; and design, implement and oversee smooth succession transitions.
Read about how CFEG helped Bacardi Limited in their Succession Plan.
