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Business Succession Planning Blog
Succession Planning: Death to Brainstorming: Long Live Debate, Critical Feedback, and Diverse Views, by Dan Schneider |
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 Some people like to think out loud. In fact, they must talk in order to think. They love brainstorming; it’s how they create their map of reality. The problem is that they think everyone else has to engage in the same technique in order to have an abundance of good ideas. As a result, they subject whatever group they happen to be playing with – family, business, community – to the same process of “out loud” and “out of the box” thinking.
These brainstorming fanatics have even gone so far as to set up rules on how this unbridled creativity is to take place. The most important rule requires that no one say anything negative or critical of another’s ideas. In many cases, groups – family, business, community – leave a room pleased that the walls are covered with contributions. This ideal, feel good boost to productivity or problem resolution seems to be the ultimate in creativity.
There’s only one problem...
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Read more... [Succession Planning: Death to Brainstorming: Long Live Debate, Critical Feedback, and Diverse Views, by Dan Schneider]
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Succession Planning: Seven Steps to Getting Buy-In, by Dan Scheider |
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We talk a lot about the need for buy-in. Most of us understand the value of willing cooperation, and we struggle mightily to actually have it come about. If it’s such a valuable concept, why is it so hard to achieve?
A UK colleague, David Molden, talks about the pitfalls as Foisting, Preaching, and Prescribing. Presenting an untested idea to people whose basic approach to life is “show me” is one of the more difficult ways to get people positively excited about your latest and greatest next new thing. Equally ineffective is believing that your excitement and emotional attachment are shared by others who may have alternative solutions. Prescription, the use of unilateral power, is a dangerous default.
So what seven steps are likely to help you become more effective in business leadership, family governance, and succession planning? Consider using this approach the next time you need “buy-in”.
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Read more... [Succession Planning: Seven Steps to Getting Buy-In, by Dan Scheider]
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Family Business: How Do I Play with My Predecessor's Team? by Dan Schneider |
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At some point in time, the ownership and leadership batons are going to be passed to the next generation. When that happens, there's going to be some level of trauma for everyone involved, including the new owner/leader. When the company becomes "yours", it comes with a team of leaders and advisors that you may or may not like and whom you may or may not trust. If you are the successor, how do you make the best of this situation?
One of the ironies in succession planning is that you may have known some or most of these employees, advisors, and vendors for many years, perhaps your entire life. Yet, you don't really know each other... at least not as business colleagues and associates. And for a variety of reasons, your previous experiences may have left some bitter memories and negatively affected, or even scarred, your impressions of those you are left to deal with.
So what do you do to make this work to your advantage? Getting control of the company is easy compared to getting cooperation from the team of trusted advisors, vendors, and employees who now stand more or less ready to help you achieve success. Here are some of the basics that can make that process a little easier.
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Read more... [Family Business: How Do I Play with My Predecessor's Team? by Dan Schneider]
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Succession Planning and the “Right Time” Myth, by Dan Schneider |
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"I probably should do something about succession planning, but the timing just doesn't seem to be right. There's a wedding coming up, we've got another grandchild on the way, and none of our children seem to want to have anything to do with the business. Maybe I should just sell it."
That's a distilled version of a conversation I recently overheard in an airport. I was minding my own business, and I heard those magic few words that immediately drew me in: succession planning. What really struck me was how creative and rationalizing we can be when faced with actions we don't really want to take.
In reality, the best time for succession planning is similar to the best time for planting an oak tree, twenty years ago. But, for whatever reasons, it didn't. So that takes us to the second best time: today.
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Read more... [Succession Planning and the “Right Time” Myth, by Dan Schneider]
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Living in Dad's Shadow, by David Ciambella |
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 “My father is so good at everything he does. Everything he touches seems to turn into gold. He is revered by his employees and respected in the community. I am not sure I will ever be as good as my father!” These were recent sentiments shared with me by the child of a successful business owner. Have you ever wondered what it would be like being a son or daughter in a successful family-owned business? On one hand, the perception is that it is such a blessing since business success affords the opportunity to enjoy some of the finer things in life. On the other hand, being the son or daughter in a family business can be quite challenging because the microscope is always upon you and at times it appears surpassing Dad’s or Mom’s accomplishments is insurmountable.
During my travels and interactions with business owners and their children, I frequently encounter adult children who feel as though they are living in their parents’ shadows. Generally, a person who has built a highly successful family business is extremely driven, hard working and all consumed by his or her work. Often the children of these driven business owners are raised in privileged environments and find it very difficult to create their own identity. Other times the children harbor resentment because their mother or father spent more time with their first born child, the business, than they did with their real children during their childhood years. The fact is that it can be very difficult to be the child of a successful business owner.
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Read more... [Living in Dad's Shadow, by David Ciambella]
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