a One of the key causes of frustration in a family business I come across is where the founder won't let go.
The fact is, there will always be someone in a family business who is a better leader than other family members. In time gone by it was the eldest son who was appointed and that often turned out to be a mistake. Totally inappropriate in 2020.
Make sure you know how to identify the next gen potential leader. It's not about age, education or most outspoken.
Of all the articles I have had published over the years, one on leadership has caused the most feedback. I have been challenged on my comment that leaders are born and not made. The most fierce argument came from an army general who told me I was wrong. For many years I have worked with numerous yr 10 students, apprentices and TAFE students. My experience has convinced me that leadership is in your DNA. It can certainly be enhanced by leadership training and hard earned work experiences under a variety of situations. To me it’s like a sixth sense when I see young people working in groups and notice individual behaviours. Also, when I say a leader should command respect, I mean your ability to command respect and trust through your values, ethics, behaviour and your natural instinct to treat everyone with equality and fairness.
Bill Winter is a renowned family and small business advisor and facilitator of the hard to have family succession conversations.