Family Business Succession: The Final Test of Greatness

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Macmillan, Jan 4, 2011 - Business & Economics - 112 pages
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Preparing to pass the family business on to the next generation is perhaps the roughest and most critical challenge facing business owners.  Yet most businesses don't realize that succession is a lifelong process of planning and management.  Leaders will learn how to create a succession plan; how to develop opportunities for succession candidates; how to build consensus with the family and leaders on succession plans; and when and how to let go of their own role in the business. 
 

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Contents

The Final Test of Greatness
1
2 The Pieces of the Succession Puzzle
13
Preparingfor a New Life
19
4 Preparing Your Business for Succession
27
5 Developing Effective Successors
33
6 Preparing the Family for a Successful Transition
51
7 Preparing the Responsible Owner Team
57
8 The Evolving Roles of Leader and Successor
61
9 Implementing Succession
73
10 Understanding Family Tensions
81
Where Are You Most Likelyto Stumble?
85
12 Summary
89
Appendices
93
Index
101
The Authors
103
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About the author (2011)

Craig E. Aronoff is Co-founder, Principal Consultant, and Chairman ofthe Boardof the Family Business Consulting Group, Inc., the founder of the Cox Family Enterprise Center and current Professor Emeritus at Kennesaw State University. Heinvented and implemented the membership-based, professional-service-provider sponsored Family Business Forum, which has served as a model of family business education for universities world-wide.

Stephen L. McClure is a Principal Consultantat the Family Business Consulting Group, Inc. and specializes in family communications and decision making, succession planning and implementation, and governance & management in family firms.

John L. Ward is Co-founder of the Family Business Consulting Group Inc. He is Clinical Professor at the Kellogg School of Management and teaches strategic management, business leadership and family enterprise continuity.

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