This is a question that must be on the minds of all those who with effort built not only a capital but an institution on which many individuals and families depend.
We recently completed a strategic review process in a family business and this issue of heirs and successors appeared with great force throughout the development of the work, therefore the following reflections I hope are useful when establishing a training plan for those who, being part of the family, will have in the future the responsibility of assuming the direction of the company in the generational replacement of the company.
Two topics of great importance have to do with:
- Identify who can become the future executives of the company Develop an intentional training plan that includes the personal development of the candidate in favor of the maintenance and growth of the company.
Many family businesses have lost control of their businesses precisely because they have not found adequate successors in their family to maintain and develop them in a competitive market.
On many occasions, the heirs have aspirations that are alien to business purposes and who the founders are, perplexed, will surely keep the company alive but in other hands.
Succession is a topic that needs to be dealt with in sufficient time in advance and in this way identify the best way to tackle a topic of such importance and impact in the near future of the company.
The heirs then constitute the raw material from which the successors will undoubtedly emerge that will give continuity to the original idea, among other things because the educational processes of those who can become heirs are not necessarily defined in the family protocol, it is a job long-term that involves beginning to recognize in potential candidates their skills and also affinities with the company.
Some heirs are waiting for the final hour to be able to sell their part and definitely make their living in other spaces than the family business. On the contrary, others recognize that they must be trained not only academically but also in the workplace, in order to make a significant contribution to the company.
In some cases, the heirs and other family members work inside the company and it becomes a refuge for many who have not been able to excel in other spaces, in other cases they have been an opportunity to develop their skills and increase the company's productivity.
In summary, this reflection aims to invite all those business owners to invest time in developing a long-term program that allows future generations to be involved in the permanence of the business project through intentional training and development actions that allow have trained successors.
