It’s important when you step into a new role of leadership to promote yourself. When you step from a functional role such as a top sales leader, developer, or more, to being a leader, you need to mentally promote yourself, otherwise you will end up micromanaging, and losing control of your new job and be back in the old one. How can you prepare yourself?
The first responsibility of a leader is to define reality. The last is to say thank you. In between, the leader is a servant. —Max DePree
Being a new leader, the child of a family business owner who decides to come into the business, must make show their mark early on. They can handle the family business, they are able to take the reigns and show their mark. But how can they do that?
“Failure to plan, is planning to fail” (Not sure who exactly said this, google search reveals Alan Lakein may have said it first).
Transitioning in family businesses and succession planning are a difficult and tricky business. According to Forbes, a third of businesses make it to the second generation, and an even smaller portion make it to the fourth generation. 60% of business owners are over age 55, and 1/3rd are over age 65. And it makes sense, business owners are focused on their goals and building up their company, that they don’t think about who will take over. What steps can family business owners take to transition successfully?