Family Leadership Strategies

89 The culmination of what may be many years’ worth of conversations, meetings, and preparation is often anticlimactic. Next generation candidates will emerge, fall away, rise up, and in most cases the very best will be obvious. One will fill the enterprise leadership role, and others will take on all-important board roles, or perhaps become CEO of a portfolio company. In the absence of family leaders, outside executives and board members can be recruited to work on behalf of the interests of the family. Seniors will embark upon new challenges, take long overdue vacations, and explore new passions. Their achievements will be honored in many ways, from family stories to endowed university chairs. Still engaged, they weigh in when asked and provide crucial mentorship. Previous areas of tension and conflict have hopefully been resolved. If not, separation agreements under which assets may be spun out to be managed separately are not uncommon. Occasionally, equity will be sold back to the holding company, releasing the family member from the umbrella of family control. Ideally, compromises will have been minimal, and the ‘success outcomes’ defined at the beginning will have served as the common ground to arbitrate trade-offs. Family members, siblings, and cousins will have felt fully engaged and able to voice their needs and ambitions. While some may be disgruntled, they all 8 Bringing it all together