Family Leadership Strategies

• In the context of succession, the preparation and selection of family leaders must place the need for further wealth creation at the top of the list. Family leaders or enterprise leaders must strike for and achieve even better results than before. • It is crucial families give particular attention to sibling and cousin dynamics when addressing what they constitute as a successful leadership transition. Family branch rivalries, peer competition, and family history can impede communication and constructive outcomes. • Family members should give both formal and informal feedback to family leaders to provide them with an understanding of how his or her actions, words, or behavior is perceived by others. This constructive feedback – made without judgment – promotes teamwork and effective communication, as well as gives family leaders ways to improve and develop. Tasks • Map out all the unique dynamics within the extended family, including all the various sibling and cousin relationships, to get a thorough overview of the different voices, personalities, and agendas within the one group. Identify points of friction that impede the development and selection of future family leaders. • Self-awareness, and in particular, knowing how one is perceived by family members is an essential prerequisite for family leaders. Start planning formal and informal feedback processes to give constructive and non-judgmental help to potential family and enterprise leaders so they can develop and grow. • Where desirable, engage outside advisors and consultants to facilitate feedback processes and overcome obstacles.