Coach Pete discusses how to name a successor in your family business and still remain happy.
This video begins with a question from a family business leader. When there are multiple successors vying for the position of the family business leader, it can be a daunting task to choose one, especially without upsetting the others.
The process of naming a successor takes time. Coach Pete recalls a client he worked with for five years, which was how long it took to choose the right successor. When the choice was made, there was no family upset because everyone could see how the decision was made.
What’s most important is to remember that this is a business decision, not a family decision. Coach Pete also encourages you to gather everyone together to outline the process of choosing a successor. As the process continues, the best possible candidates will start to emerge over time. It is also a good idea to have an outside business expert assist in making the decision.
Coach Pete encourages you to share this video, send us your successes, challenges, and feedback, and as always, play to your potential!