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Leading the Business
Control is held to either one primary family leader or shared among siblings. Leadership oversees all strategy and operations.
Joining the Business
Introduction of the potential successor(s) to build professional experience, operational experience and respective industry knowledge. Younger generations are learning the business operations and are in the early stages of leadership. At this stage, business implements professionalization of roles and key formal processes are developed.
Working Together
Next generation has its own visions and often a strong desire to introduce more strategic thinking, maybe taking on mid-level roles in management. Expansion phase is often linked to the family business’ need for restructuring which may include development of board of directors, family governance policies, and family council meetings to create effective management and direction.
Passing the Baton
Leadership succession can span more than a decade as a succession plan is created and implemented. Each generation transitions to new roles both internally and externally. The family may also sell or expand to different markets. A Family Business may evolve to a Family Office.