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Yet, such an engaged discussion is like a gift one can give to their children, siblings and employees.
The process was interesting to watch as a young employee, and over the years I’ve become impressed by the brothers’ wisdom.
These guys were shrewd businessmen and canny managers.
I’ve worked for four different family businesses in four very different industries, and have seen four different approaches to generation transition.
The most interesting I think was a local grocery store chain.
Take care in settling any family disputes, as they will only be magnified should the business owner pass. Have the management team assess the skills of each manager, or hire an outside firm to study their emotional intelligence and skill level.
Create a grid and grade based on the managerial competencies.
Small businesses, individually owned or family-owned, are really the backbone of this country’s economy, employing more people nationwide than the big-name giant corporations, and serving most of our daily living needs.
For many of these businesses, family continuity, the transition/succession of ownership/management from one generation to the next, is a huge issue.