Shelley Taylor is a Family Business Advisor who works with business-owning families on matters pertaining to governance, structure, role clarity, next generation development, generational transitions, and family councils.
Do you have a plan for who would run the company if the leader died suddenly and documents that are readily accessible to help that person deal with the legal, financial, and operation challenges in that crisis?
Do you have clear roles and job descriptions for everyone working in the business? Is every employee given feedback on a regular, structured basis so he or she knows what he or she does well and where he or she can stand improvement?
In this first installment, we will focus on five of the best practices: having a shared vision, embracing shared values, engaging in productive dialogue, understanding the roles and responsibilities of owners, and building trust.
We are currently living in a pandemic that is not going away any time soon; the reality of systemic racism has been brought to the fore and can no longer be ignored; our political climate is increasingly unsettled.
Although we are now living in a very stressed and uncertain climate, most of us have been given the gift of time. Those of us who are working from home are pretty much not leaving the house.
The foundation to a successful plan in family business transitions is having a shared vision of where you want to go. Once we have this, we can begin to map out an “array of paths to our desired point”.
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