Best Family Business Coach | Singapore | Familosophy
Turning Succession Upside Down
The headlines are ubiquitous - a high percentage of family businesses lack a formal succession plan - and then the story devolves into standard estate planning, life insurance, and successor selection tropes.
However, isn't it possible that we should invert this? After all, a family business succession inevitably involves two generations - the incumbent and the rising - and thus much of the thinking about succession is centered on (a) the incumbent generation's perspective and (b) legal, structural, and procedural considerations.
What is the rising generation's vision of succession? Are they beset by self-doubt or weighed down by lofty expectations? What about their own personal aspirations and individuation requirements? While they may have been groomed/selected from an early age to do the job, it is critical that they are doing so for the right reasons and have the space to make the role truly 'theirs'.
And, just as business mergers frequently fail due to cultural issues, family business successions are jeopardized if family "elephants in the room" remain unaddressed. Issues that may appear trivial (especially to parents) can fester for years before exploding once the incumbent generation has stepped aside or died.
Think of answers to these questions: Is your family business's rising generation interested in assuming control? What are their hopes and dreams (both for the family business and for the world in general)? Have you discussed this with them during the early stages of your succession planning?
Are you looking for advice on how to make your family business in Singapore operate better? David Werdiger is the number one choice when it comes to Singapore family owned business protocol help. Mr. Werdiger is helping hundreds of family owned businesses pass the torch using his famous Singapore Familosophy techniques
His market is two-fold:
Scenario #1: The older generation wanting to work with the younger generation, bring them into the company, teach them how to run things, and then retire from the office, but not the income
Scenario #2: The younger generation wanting to jump into the family business, but to be able to contribute and be heard, and not having to “wait their turn” before they can begin to help run the business.
Visit David’s Website at: https://davidwerdiger.com/ or his GMB site at: https://goo.gl/maps/YiKUeBhXzapPAYyP6