- Prepare a table of succession for all key positions in the company
- Determine which family members are potential successors to current executive management
- Identify the elements of experience needed to prepare potential successors
- Structure programs(s) to ensure that potential successors become qualified to assume the management role(s)
- Ensure that estate plans or Board consideration include the succession strategy
Most family businesses fail to consider the issue of succession. Whether driven by premature tragedy, incapacity or the desire to alter life style, family members are ill-prepared to assume the responsibility leaving qualified management continuity at risk. Recruiting non-family executives as successors often leaves the organization unstable.
Identification of candidates, programs to prepare successors and security that results from smooth transitions are anticipated benefits.
First, we help identify and assess current candidates including the strengths and weaknesses of each by position.
We will then facilitate development of transition strategies, and work through HR to develop the strategic skills needed.
The work products will be developed by and for your organization. This program should take 3-4 months of calendar time, with regular assessment of program progress.
Project costs will be determined based on a mutually agreed upon scope of work.
Gary's experience as a consultant to under-performing family businesses and to those facing intra-family conflict offers a unique window into the problems of management succession. He has served as the interim COO in more than 20 companies, all of which required the design and implementation of management transition strategies.