Family Leadership Strategies

Observations • Anessential —but oftenoverlooked—early step inany family leadership transition is to define what constitutes ‘success’ to the key members of the process, including: the seniors, the successors, the family, and the family enterprise. • Successfully handing over leadership to the next generation ultimately involves striking a balance between the needs and interests of all parties. • Families should gather together to discuss what constitutes success in a leadership transition, as well as sharing their hopes, fears, and needs. • Family values should be discussed and written down. Similarly, the principles by which a family lives, works, creates wealth, shares wealth through charity, and see its role in the world should be discussed and codified for future generations. • 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. Tasks • Over a series of informal meetings, begin a dialogue with key stakeholders as to what constitutes ‘success’ for the family over the next 50-100 years. What are the hopes and aspirations for the family and its individual members? • Consider such factors as: family wellbeing and harmony, individual health, education, creativity, family values, role of giving, individual purpose and mission, financial wellbeing, and wealth creation. • Attempt to reach broad consensus on a small number of key outcomes that will ‘define’ the family of the future. Attempt to distill these outcomes into concise statements that might serve to guide the family’s future decisions. • Discuss and formalize family values and the principles by which the family conduct themselves and their affairs in the world. • Some families may use this process to create a manifesto or mission statement for the family. The very best are short and concise and capture the essence of the current (and previous) generation’s values and thinking on key principles. Once in writing it serves as a guidepost for current and future generations.