Developing & Implementing a Code of Conduct

The purpose of developing a Code of Conduct has to be established first. Once it is developed in consultation with all the Family Members, it should be implemented in the family as well as business. A Code is always a work in progress. It’s better to make a start with an unsophisticated Code, developed or […]

Clarifying Values, Vision and Mission in a Family Business

Three ingredients that lay the foundation for a truly viable multigenerational family business are Values, Vision and Mission. These vital elements will ensure familial harmony and balance and sustain the business through volatile economic conditions, cut-throat demands of the marketplace, and the diverse expectations and evolving work styles of upcoming generations. Most companies err when […]

Developing Next-Generation Leaders

The strategies that would prove effective for developing next generation leaders are explained herewith. 1. Ensure next-generation leaders have job assignments with clear and authentic responsibility, accountability and calculated risk either inside or outside the family business They must be given real time exposure so that they get firsthand  knowledge of running the business as […]

Ten Strategic Questions for the Next Generation

Strategic direction can become a crucial issue in times of transition across generations.  What worked well during the incumbent's generation may have outlived its purpose and a fresh perspective of business strategy may become necessary. Current leadership may be unwilling, unable and unenthusiastic to lead the process of change and this can many a times […]

Preparing the Next Generation

The rate of change in business is so rapid that a single business strategy may not be relevant beyond a generation. The successors who take over must not only run the business but also re-visit the business strategy several times to ensure that the triumphant streak is sustained. Added to this, the timeless challenge of […]

Mentoring the Next Generation

Career planning strategies can help mentors - parents, grandparents, uncles, aunts, senior business leaders and advisors in preparing the next generation for their roles in family business. Here are six ideas that can help the mentors in effectively guiding the next generation of family members. Understand career development The younger generation may realize what they […]

How to Ready the Next Generation for the Board

Here are some ways to prepare next generation for eventual participation in the board: Hold shadow or junior board meetings for the next generation that simulate board experience. These meetings usually follow the official board meeting where management presentations, topics discussed, background information and decisions taken are shared for the benefit of next generation. It […]

Generational Transition

Most family business leaders realize that at some point the business has to transition to the next generation, it could be to their own child / children, niece or nephew, other family members or even to an external resource. The process of transition can be overwhelming to some but it can be handled well by […]

Empowering the Next Generation with the Future

Before inducting the next generation kids into the management of a family business, many entrepreneurs spend sleepless nights as they worry about the following: Whether next gen kids are interested in joining the business and are capable, If more than one joins the business how to pick the leader, How to objectively evaluate their performance, […]

Developing Next-Generation Leaders in Family Business

Most family business founders dearly hope and desire that the ownership of the enterprise remains and flourishes through several generations. So it's not surprising to note that successful generational transition is a cause of concern. Unfortunately, in many family owned businesses, succession planning merely focuses on ownership structure, wills, trusts etc rather than on the […]

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