The family business succession planning process, and it is indeed a method, often begins when someone has convinced a member of the family to have that first family meeting.
The concept, at least in the minds of some is this meeting will set in motion like a snowball rolling down hill, the succession planning process with enough momentum to brush apart any critics.
The unhappy reality is that so much effort went into getting folks in the same room simultaneously that first time, it gets harder and harder to get them to repeat the process.
If things went smoothly they are sure to feel that "they don't need me" and if there was a room full of yelling and feud plenty will wish to avoid a repeat performance.
Regularly those in favour of the current position are the folks with the power, so when they finally agree to the first meeting they want to have it at the local cafe. Their response to the question what is succession planning is to do nothing today, take a wait-and-see approach instead of taking action.
They will say it is so they will not be interrupted but it's truly so that they can control the agenda, walking out because they "have to get back" to the office.
Or they will insist that the family meeting happen at the end of the typical Monday morning meeting.
The help will be floating around wondering what is happening and everyone will be concerned to get back to work - so that should cut the meeting short and stifle an any potential enthusiasm for a follow up.
The hidden key to a successful family business succession planning meeting, one that moves the ball forward, gives folks the sensation that progress is being made and convinces them that they don't want to miss what's coming, is actually simple.
Family business succession planning conferences should be special conferences called for that single purpose and that purpose alone.
Everybody attending every time. And it is not generally crucial whose house or office the meeting is at - just that there aren't any interruptions.
There are all kinds of potential psychological triggers - where the conferences are held could be a vital consideration for your folks or not. Perhaps you will rotate the location so everyone who wants to host a meeting can do so.
At the first meeting, whatever whose concept it was or where it is held, somebody must be anointed as the planning coordinator and charged with - among other stuff, setting the date/position of the subsequent meeting.
Space the conferences far enough in advance that there will have been actions taken and jobs completed to report on when folk get together the next time. Nobody enjoys getting together simply to rehash was wasn't done. What is the point of that?
The duration between meetings will be when the actions taken are communicated with the planning coordinator.
That person, perhaps an affiliate of the inheritor generation will assemble what's been done to create the agenda for the approaching meeting - where either they or the individual responsible will be delivering the results to all in attendance.
The meeting opens with updates of what's happened or not followed by a discussion - how everyone feels about what they have learned and what alternatives seem to be presenting themselves based primarily on the new information.
That has a tendency to lead the conversation towards the next steps to be taken.
The planning coordinator and the remainder of the family decide on what the following actions should be and who should be responsible for them. These are the tasks to be finished by the next meeting where they will be reported on and discussed.
There'll always be those that say they will be answerable for some task or another and then fail to follow through. The natural bias, especially in families, is to focus lots of attention on why they didn't do what they exclaimed they were about to do and how it is holding up the entire process.
I have seen the whole family business succession planning process come to a stop because somebody, deliberately or alternatively, dropped the ball - never "got around" to giving the lawyer their permission to talk with the planning coordinator or were always "too busy" to have their accountant do the various calculations required as an element of the discussion.
They'd used their power to bring the method to a halt foolishly believing that ignoring and delaying the planning will for some reason make the. Effects of their inaction go.
That's the reason why the appointing of a robust person as the planning coordinator at that first meeting is so vital. That first meeting, or inside hours afterward, is when that planning coordinator should be given the authority - in writing when necessary - to ask the questions needed of everybody concerned.
With that permission in hand the planning coordinator can push for the details and for the subsequent meetings.
These family meetings are the key to keeping the family business succession planning process moving, keeping the advisors on task, and supply a perceivable chance to put checkmarks in the boxes of the steps which have been finished.
These family business succession planning meetings keep the process on everyone's mind, reassuring them all this is important and it's being addressed - not just something than gets rolled out annually to keep them quiet.
The concept, at least in the minds of some is this meeting will set in motion like a snowball rolling down hill, the succession planning process with enough momentum to brush apart any critics.
The unhappy reality is that so much effort went into getting folks in the same room simultaneously that first time, it gets harder and harder to get them to repeat the process.
If things went smoothly they are sure to feel that "they don't need me" and if there was a room full of yelling and feud plenty will wish to avoid a repeat performance.
Regularly those in favour of the current position are the folks with the power, so when they finally agree to the first meeting they want to have it at the local cafe. Their response to the question what is succession planning is to do nothing today, take a wait-and-see approach instead of taking action.
They will say it is so they will not be interrupted but it's truly so that they can control the agenda, walking out because they "have to get back" to the office.
Or they will insist that the family meeting happen at the end of the typical Monday morning meeting.
The help will be floating around wondering what is happening and everyone will be concerned to get back to work - so that should cut the meeting short and stifle an any potential enthusiasm for a follow up.
The hidden key to a successful family business succession planning meeting, one that moves the ball forward, gives folks the sensation that progress is being made and convinces them that they don't want to miss what's coming, is actually simple.
Family business succession planning conferences should be special conferences called for that single purpose and that purpose alone.
Everybody attending every time. And it is not generally crucial whose house or office the meeting is at - just that there aren't any interruptions.
There are all kinds of potential psychological triggers - where the conferences are held could be a vital consideration for your folks or not. Perhaps you will rotate the location so everyone who wants to host a meeting can do so.
At the first meeting, whatever whose concept it was or where it is held, somebody must be anointed as the planning coordinator and charged with - among other stuff, setting the date/position of the subsequent meeting.
Space the conferences far enough in advance that there will have been actions taken and jobs completed to report on when folk get together the next time. Nobody enjoys getting together simply to rehash was wasn't done. What is the point of that?
The duration between meetings will be when the actions taken are communicated with the planning coordinator.
That person, perhaps an affiliate of the inheritor generation will assemble what's been done to create the agenda for the approaching meeting - where either they or the individual responsible will be delivering the results to all in attendance.
The meeting opens with updates of what's happened or not followed by a discussion - how everyone feels about what they have learned and what alternatives seem to be presenting themselves based primarily on the new information.
That has a tendency to lead the conversation towards the next steps to be taken.
The planning coordinator and the remainder of the family decide on what the following actions should be and who should be responsible for them. These are the tasks to be finished by the next meeting where they will be reported on and discussed.
There'll always be those that say they will be answerable for some task or another and then fail to follow through. The natural bias, especially in families, is to focus lots of attention on why they didn't do what they exclaimed they were about to do and how it is holding up the entire process.
I have seen the whole family business succession planning process come to a stop because somebody, deliberately or alternatively, dropped the ball - never "got around" to giving the lawyer their permission to talk with the planning coordinator or were always "too busy" to have their accountant do the various calculations required as an element of the discussion.
They'd used their power to bring the method to a halt foolishly believing that ignoring and delaying the planning will for some reason make the. Effects of their inaction go.
That's the reason why the appointing of a robust person as the planning coordinator at that first meeting is so vital. That first meeting, or inside hours afterward, is when that planning coordinator should be given the authority - in writing when necessary - to ask the questions needed of everybody concerned.
With that permission in hand the planning coordinator can push for the details and for the subsequent meetings.
These family meetings are the key to keeping the family business succession planning process moving, keeping the advisors on task, and supply a perceivable chance to put checkmarks in the boxes of the steps which have been finished.
These family business succession planning meetings keep the process on everyone's mind, reassuring them all this is important and it's being addressed - not just something than gets rolled out annually to keep them quiet.
About the Author:
Most successful corporations put off management succession planning till it is too late. They fail to realise how the process focuses their energies and those of everyone around you in a standard centered direction. When they are concentrated on the goal they are much more likely to take the actions necessary to take them where they wish to be. The ideal succession planning process answers the age old question regarding what is succession planning more clearly than any paid pro advisor.
No comments:
Post a Comment