Training & Grooming Successors in Family Company
Introduction
Training and grooming successors in a family company is essential for ensuring continuity, stability, and long-term success. A well-prepared successor upholds family values while driving innovation and growth. Proper training enhances leadership skills, strategic thinking, and business acumen, equipping the next generation to navigate challenges. It also fosters credibility among employees and stakeholders, ensuring smooth transitions and reducing succession conflicts. Without structured development, successors may struggle with decision-making, weakening the company’s future. A strong succession plan, including mentorship, hands-on experience, and professional education, ensures that leadership remains competent, preserving the family legacy while adapting to evolving market dynamics.
This training program is designed to include:
- 16 hours of training
- 03 months of one-on-one coaching
How you will benefit
- Understand the critical importance of succession planning in family businesses.
- Identify and assess potential successors within the family and outside.
- Develop and implement comprehensive training and development programs for potential successors.
- Create opportunities for mentorship, coaching, and on-the-job training.
- Address the challenges of transitioning leadership within the family.
- Foster a culture of learning and development within the family business.
- Ensure a smooth and successful transition of leadership to the next generation.
Who should attend
Families in Business: From Generation to Generation is intended for teams of business family members, such as:
- A chief executive officer [or top family business leader(s)] and his or her spouse
- Children of the business leader(s) and their spouses
- Siblings and their spouses/partners
- Cousins and their spouses/partners
These family members might be:
- A manager or an employee
- A board member
- A shareholder
- An interested relative, who may be an in-law
What you will cover
- The family dramas of succession and inheritance
- How to prepare your family for the succession process
- Education is key to succession preparedness
- Succession logistics are not the main focus
- Financial implications for family business transition
- Avoid the pitfalls of trust planning
- Non-financial challenges for successors and stakeholders
- Facing reality prevents nightmare scenarios
- Leadership development and succession execution
- Creating a plan for succession in the event of an emergency
- Making the right choice for a family successor
- Don't pin all your hopes on one family successor
- Family business daughters' leadership potential
- Can a non-family successor add value to your business?
- What if the successor isn't working out?
- The secrets of successful family business successors
- Don't take the easy way out
- Family enterprise leaders need extra social skills
- Making the leap from doer to leader
- Success without outside experience
- Seniors and successors working together
- Negotiating a rise to the top
- Selling the business to the successors
- Seniors: Proceed cautiously when advising successors
- When the successors don't take charge
- Managing the relationship with shareholders
- Sibling partnerships involve insight and foresight
- Shared power: Look out for landmines
- Blood is not enough
- Cousin collaborations require a change in board design
- The challenges of a large shareholder group
- Keeping titles in their proper perspective
- Leading the family
Schedule
