FAMILY BUSINESS SUCCESSION

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There is a time in the life cycle of a family business that current gen leaders start thinking about succession: 

*     Will the family business transition to the next generation?

*     If so, who will be the next gen leaders/owners and what's the best way to get  

      them there?

*     After the leadership/ownership transition, what (if any) will be the 

      role of the current gen leaders?

There are a number of informational resources to help current and next gen owners understand these decisions. Those resources provide important context for answering the questions above (and a number of other related questions, too). 

But, information alone won’t ensure succession will actually happen.

The reason is very basic: Understanding succession doesn’t mean that you can actually do succession.

Why? Succession entails a number of very complex business and personal decisions mixing business with family. Those decisions can challenge any leader’s objectivity. An experienced third party can guide the family through the succession process, keeping things focused and on track.

Why Work With Dr. Jim

When hiring a family business consultant, of course you want somebody who is skilled, has a lot of experience and expertise working with family businesses, and, likely has some kind of training that gives their expertise that added level of credibility.

But, there’s an additional “X Factor” that I bring to my clients. As a psychologist who consults to businesses, my clients feel I “get” them but don’t “shrink” them. They see that our best work together will be to partner and collaborate – truly putting our heads together to come up with the best ways to plan and execute succession in their unique family businesses.

In our work together, you’ll quickly see that I am focused and action oriented. Even when your succession plan – through unforeseen events – goes off into the weeds, I’ll always be there to get it back on track.

You’ll find I’m willing and capable talking about issues regarding succession that many other consultants lack the skill and confidence to navigate. But more than that, I’ll teach you how to have similar kinds of conversations with family and nonfamily employees. You’ll find that will become an invaluable skill set for you.

Here’s a quick summary of what it’s like to work with me:

·  I deeply care about your family business’ success as well as the people in it.

·  I’ll work harder for you than any other consultant you’ve ever employed. And, you’ll find I’m the most efficient and thorough consultant you’ve ever worked with, too.

·  You’ll feel I “get” you.

·  You’ll quickly learn that I’m a consultant who can help you move your business’ succession and the people in it, forward.

Who Are My Clients

My clients have a deep commitment for taking their family businesses from Current Gen to Next Gen. Some of my clients start our work together with some ambivalence about succession – natural because of all that succession represents, but still knowing they need to move things forward. They use our work together to get clarity not only about the transition of Next Gen to lead and own the family business. They also use our work together to figure out what’s the best course of action for Current Gen, now and in the future.

And, my clients recognize and put into practice the idea that their people (family and nonfamily, alike) are a large part of what makes their businesses successful. So, they continuously invest in their people, coach them, respect them. And if they don’t do that now, they want to learn how to do that and have that kind of company culture.

They are successful but without big egos about their successes.

And, they have experience working productively with consultants. They work with consultants as partners. In fact, my best clients see me as a member of their executive team and an investment, not a cost.

Short List of How I Help Family Businesses

·  Create (with you) a clear Succession Road Map and execute it to get your family from Current Gen to Next Gen.

·  Develop your Next Gen leaders (both family and nonfamily) to have the skills to competently run the family’s business.

·  Provide a calm and focused approach to resolve any issue involving the family and any nonfamily employees in the business. As part of that, I’ll coach you how to do the same, to have any conversation needed – particularly with employees who have gone off course.

If You Want to Learn More and Consider a Next Step …

If what you’ve read sounds interesting, your next step is to email (drjim@tsgdrjim.com) or call me (585-507-9908). Next, we’ll have a quick conversation so we can see if a more in depth meeting makes sense for both of us.

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If you're interested hearing me talk about how I work with family business, Michael Palumbus, founder of Family Wealth and Legacy, LLC, did a podcast with me that will bring alive everything I noted above.

Go to this URL below and scroll down to podcast, Episode #72: "The Deep Psychology of Family Business":

https://www.familywealthandlegacy.com/the-family-biz-show-2023-episodes