Best Family Business Coach | Melbourne | Familosophy

Family Business Transition Key Ingredients

When it comes to the family business, how do you pass it on to your children? What the answer is will depend on who is asking (the incumbent or the rising generation) and when they are asking (within the company's life cycle) Most of the time, the question is raised when the current generation is contemplating retirement, when unstated expectations from both generations already exist, and when latent conflict already exists between the two generations.

Open communication between generations working in the business and with other family stakeholders (current and future owners) is essential for a successful family business transition. Other important ingredients include a shared vision for the future of the business and the family as a whole, as well as an effective governance structure.

Those are the things that need to be in place before there can be a succession. They're chosen before deciding which member of the family should hold a specific management position.

Although most families don't lay the groundwork first, this doesn't mean the family is doomed to failure. It's possible to get things back on track and prevent the brewing conflict from erupting with vision alignment, improved communication, and strong governance.

Think of it like this: Do you have a plan in place for the future of your family business? Ever envisioned (for yourself or for the incumbent) what it will look like when you are ready to pass the baton? Do the older and younger generations agree on what will happen next?

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

Looking for great advice for your family-owned and family-run business? Find out how David Werdiger’s Familosophy Newsletter can help answer your questions and guide you through turbulent times. To subscribe go to https://www.transitionbook.co/transition-membership-sign-in

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

SOURCE: https://davidwerdiger.com/2021/10/key-ingredients-transition-2/