Family Leadership Strategies

40 Having reached broad agreement, the next phase involves engaging the next generation. This may be through a series of one-to-one conversations between seniors and successors that then expand to include small groups. Often, they entail multiple planned conversations, away from the day-to- day tumult of the office or family. By definition, these sessions are often where the most difficult ‘work’ is accomplished. Preferably, the dialogue is initiated by the senior, to demonstrate his or her interest in the outcome, and to exert necessary control over the process. In some families however, the successor may initiate the dialogue and include other siblings or cousins. The fundamental questions that need to be addressed are: • In your view what constitutes a successful leadership transition outcome? • What role do you wish to play and how might I help you? • What fears or concerns do you have? • Is there something that is important to you that you wish to make clear? Asking these questions will stimulate important and candid conversations amongst family members. Why? The simple act of discussing what constitutes success provides each family member with the opportunity to articulate their hopes, fears, and needs, both for them personally, as well as for the family. Some will place the love, happiness, and continuity of their family above all other considerations, while others may focus upon the preservation and growth of the family’s wealth. Not surprisingly, we see a wide range of definitions of success within a family. While on the surface this may seem disruptive, the act of speaking and listening provides the foundation for harmonizing the ultimate definition that best reflects the interests of the family as a whole. It should be kept in mind that this is not a negotiation, manipulation, or transaction. The intent is to enter into a dialogue, the end result of which will be unknown to the participants at the outset. This discussion should result in an articulation of the family’s values and principles which all members adhere to. This might be as simple as a few