NowGen Group on Succession
Of all the businesses that want to pass their family-owned business down to the next generation, only 30% make it through the 2nd Generation. This survival rate decreases to 12% through the 3rd Generation. And if you make it through the 4th Generation and beyond, your business is in the lucky 3%!† Family business isn’t easy. The Family Business Alliance (FBA) understands that. The NowGen Peer Group is a peer group that helps Presidents and CEOs navigate the turbulent waters that is called “succession”.
Who should join?
Family business leaders who:
- Work in and are owners of a family business
- Are Presidents and CEOs
- Member of good standing in the FBA
- Wanting to pass the family business down to the next generation
- Have a half-day a month to spend with peers on succession planning for one year
- Want to learn about family business best practices and why they may be right for
- Want to share with and learn from peers, and some of the best family business
leaders in West Michigan, in a safe, confidential, friendly, and structured setting
Please Note: Networking primarily for lead generation is not a program goal.
Commitment and Details:
- Group of 10-14 Presidents and CEOs
- Meet once a month, half-day
- 1 year commitment
- Host at least one meeting
- Facilitated group setting
- Safe, trusted environment—no competitors or suppliers within the group
- Toolkits provided
- There is an annual fee of $500 with a 6 month guarantee
Group members will be assigned to groups by the Director of the Family Business Alliance (FBA). A high level of confidentiality is required from everyone involved, including each group member, facilitator and FBA staff.
Typical Meeting Agendas
- Update from each member
- Brief tour and description of host’s family business (rotates each month)
- Presentation by a business leader or outside expert on self-selected topics around governance and/or succession