Recent surveys have unveiled a resounding consensus among family business leaders: the imperative to explore untapped territories ranks among the top priorities for strategic evolution.
This article provides critical insights to help owners pivot their leadership approach to achieve a successful business succession. The author shares five threats owners must overcome to eventually transfer management and governance of their family business.
This article, “Merit or Inherit: How to Approach Succession in a Family Business,” written by Josh Baron, Senior Lecturer at Harvard Business School and Co-Founder/Senior Advisor at BanyanGlobal, and originally published by HBR.org, describes a path to succession using a blend of both the “merit model” and the “inherit model." Using both models is far more likely to set the next generation of family members up to succeed.
Only 10% of the world’s top family businesses are led by women, but the numbers are rising.
Each generation brings different thoughts and skillsets to the proverbial table and, unfortunately, these don’t always align. Nearly every family has its fair share of issues that has caused rifts and ripples between family members. In some cases, these disputes can go on for months, or even years, over perceived hurts.
A critical aspect of the longevity of a family business is selecting and preparing the next-generation leader.