Finally, succession is never about replacing people; it’s about evolving the organisation and business and growing with people.
As family businesses grow beyond their founders, there is a stage where experienced professional leaders and the next generation of family members need to work together to drive business continuity and the next level of growth. This intersection can bring an opportunity as well as create a challenge, depending on how it’s being managed. If it’s managed well, it can build a future-ready organisation. When it is mishandled, it may develop an unsettling and ambiguous culture, undermining years of entrepreneurial and professional effort gone into building the company at its current stage. The success lies in creating a win-win association that respects entrepreneurial vision, values of the founder, professional experience and enabling culture for mutual learning.
Caselet 1: Speciality Chemicals Company
A second-generation family successor entered a mid-sized speciality chemicals company post his...
