Get out of the day-to-day and plan for the future. This course is a unique opportunity to create a thoughtful roadmap for succession in your family business. Come explore family business continuity challenges and common practices for successfully leading family-owned enterprises. Emphasis is placed on the importance of open, transparent communication in the family; the creation of a shared vision for the business; and the alignment of family and business goals.
Family-controlled businesses are characterized by challenges that threaten their continuity and by distinct resources that can create unique competitive advantages. The challenges are primarily the result of issues presented by the interaction of family, management, and ownership systems – particularly when the family wishes to perpetuate its influence and/or control from generation to generation. While 37% of the Fortune 500 firms are family controlled, the vast majority of family-controlled businesses are privately-owned and often experience difficulty moving from one-person general management to professionalized management that allows for success across multiple generations of ownership.
The course draws upon Steve Miller’s research: “Developing Next Generation Talent in Family Businesses.” The research was focused on factors that influence next-generation leader development. This research is incorporated into course videos and discussions, leading to practical ways participants can apply the findings to support successful transition from one generation to the next.