Universal Challenges in Leading Succession and Transition ProcessesWednesday, 23rd May 2012
In this three and a half minute video from Business Families Foundation, Cesareo Frias an entrepreneur and family business advisor, discusses the universal challenges that occur when businesses are passed to a new generation and provides pertinent advise on how to handle it.
- Having children learn about all the aspects of the family business and be assessed on their merits are critical for them to be good leaders.
- Family business owners and their successors can use third parties such as advisors to increase the effectiveness of their communication
- Even if the family business becomes professionalized, children can still play and active role in the company.
- Family business owners must realize that leadership transition is inevitable, so they must lay the groundwork for the next generation.