Family Leadership Strategies

90 agree the process was true to form, and has been carried out with integrity. Principles will have been honored and nepotism shunned, and those in key leadership roles will have been objectively viewed as the best possible candidates, even if they came from outside the family. The core values of the family will be recorded so future generations can reference when making key decisions. The family will celebrate family values through stories told to younger generations, illustrating the path that led them to the present. However, the work of succession and leadership development is never fully complete. Yet another new generation of leaders must be prepared and taught the principles described here. Values will need to be reinforced through both the words and actions of family elders. New challenges will demand the continued assessment and reorganization of businesses, the family office, and foundations. Diverse new sources of asset growth will hopefully be identified. Growth companies will likely be founded, and novel, new investments made. The most effective families who successfully navigate these waters view the family as a dynamic system, adapting to change. They will often express statements such as: “We cannot stand still, our family and businesses are in constant motion and we need to stay ahead and respond” “Life for our family used to be much simpler, today it is complex and many people depend upon us getting it right” “I do not know what the future holds, ideally we remain a loving, strong, successful family but we cannot leave that to fate, we need to control our own destiny” “As our family grows and changes, it becomes ever more important to preserve our values, the very thing that allowed us to be successful” “While we no longer manage the companies and assets, we influence the business through our active involvement as informed board members”