Career Development for Next Generation Family Members I Australia I Familosophy

"Inheritance is a process, not an event," The Economist magazine poignantly stated.

According to Australian research, family firms are ill-prepared for succession planning, hiring a new CEO, or even developing a strategy for the business's future.

The first thing to examine is whether anyone in the family is interested in taking over the business - plenty of youngsters are uninterested. Then, determine whether the current owner(s) wishes to transfer it. At the onset, any effective change requires both of those components.

It may be preferable to sell the business or to let a dedicated employee to take over, rather than an uninterested and hesitant heir. If both generations are truly willing, extensive planning is required.

It is critical to articulate the long-term vision for the firm, to involve younger family members in the process and to allow them time to establish themselves as owner-managers within the business, and to be prepared to actually stand back and give the next generation autonomy to make changes.

Consider the Following: When did you first consider succession planning in your family business? Is it 20 years too late if it was when your children became adults?

 

 

Are you looking for advice on how to make your family business in Australia operate better? David Werdiger is the number one choice when it comes to Australia family owned business protocol help. Mr. Werdiger is helping hundreds of family owned businesses pass the torch using his famous Australia Familosophy techniques

His market is two-fold:

Scenario #1: The older generation wanting to work with the younger generation, bring them into the company, teach them how to run things, and then retire from the office, but not the income

Scenario #2: The younger generation wanting to jump into the family business, but to be able to contribute and be heard, and not having to “wait their turn” before they can begin to help run the business.

Visit David’s Website at: https://davidwerdiger.com/ or his GMB site at:  https://goo.gl/maps/YiKUeBhXzapPAYyP6

SOURCE: https://davidwerdiger.com/2021/05/family-busniess-strategy/