Succession planning is akin to changing the car’s wheels while it’s hurtling down a highway at 100 miles an hour. The next generation needs to be brought up to speed, but business doesn’t stop because there’s a transition. Patriarchs need to be confident that if they’re going to hand over the keys to the kingdom, new leaders need to have what it takes to maintain momentum.
Transitioning a business from one generation to the next is no small task. Dips, setbacks and anxious moments are to be expected.
Before passing the baton, patriarchs need a sense of confidence that what they have built will be both sustained and grown.
There isn’t a “one size fits all” approach to effective succession planning of a family business. Understanding the ecosystem is key to aiding families in implementing a plan that fits their particular context. While business growth and sustainability are essential, the biggest concern expressed by patriarchs and matriarchs is avoiding unnecessary conflict that could tear a family apart.
There is a subtle but important difference between being agile and responsive versus reactive to unprecedented and sustained disruptive events. In addition to ensuring your organization has a robust long term strategy that speaks to a 3 year horizon, PulvermacherKennedy and Associates (PKA) recommend adopting a pandemic-fit agile approach to strategy. Reviewing and optimizing strategy at frequent intervals will enable your organization to mitigate emerging threats and harness ever evolving opportunities
Navigating COVID-19 Successfully By Adopting Both A Future-Focused And Real-Time Relevant Approach To Strategy
Futureproofing your organization, especially post COVID, is a team sport, requiring input from all players. Let’s look at three key focus areas for organizations seeking to adapt their strategy and position themselves for a successful present and future amid the pandemic.
Is COVID-19 An Opportunity To Study Effective Teamwork?The answer, of course, is a resounding yes! Like other previous existential crises facing humanity’s very existence, such as world wars and previous pandemics, COVID-19, which has been labelled “the invisible...
In speaking with our clients on how they are managing their businesses and people through COVID-19, a number of key themes have emerged which we would like to share with you.
Having your house in order in the event of unexpected events. Are you taking decisive action in planning the transition of your business to the next generation or group of leaders?
We do not do estate planning, tax consulting, accounting, create trusts, sell insurance, or help you sell your business. There are other experts in these areas who we can refer you to.
We do not arrive with teams of young people to address the significant challenge of a business transition. Our team consists of highly seasoned professionals.
Transitioning your family business to the next generation does not have to be a tortuous experience. We highlight 3 recommendations to help you in this transition journey.
In a recent presentation Peter Diamandis spoke about exponential technological innovation…and the disruption and innovation ahead of us in most industry sectors…not just the obvious ones. It is imperative that leaders stay informed in order to consider how their companies can remain agile and relevant
PKA is frequently called upon to work with executive/leadership teams in order to structure the organization for the future, install succession programs, enhance or refresh corporate strategy, design and implement change programs, improve organization performance and the like. Inevitably, we are asked the question, “what differentiates higher from lower performing executive teams?”
Contact us for innovative and proven approaches for transitioning your business to the next generation, for refreshing strategy and organization structure, and optimizing leadership & organization performance.