Family Business Succession: The Final Test of Greatness

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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...

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Family Business Succession: The Final Test of Greatness

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Overview

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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Editorial Reviews

From the Publisher
"The provide us with a wealth of answers to the succession challenge from specific family case histories addressing the powerful issue of how the family business and it's legacies can be continued.  Too many families neglect the succession issue until it is too late to preserve the essence of what made the family great." —Harry Martin (former Head of the Cargill McMillan Family Office), Family Advisors, LLC, Mystic, CT

" a must read for those serious about succession." —Marshall Paisner, Chairman, ScrubaDub, Natuck, MA

" provides practical guidance on tough family business issues."  —Ross W. Nager, Sentinel Trust Company, Houston, TX

"While our father was a great journalist and businessman, and a wonderful parent, his transition planning was inadequate.  Fortunately for our family and business we used the principles we found in Family Business Succession: The Final Test of Greatness to help guide us as we developed and implemented our succession plan.  As a result, we are a healthier and more prosperous family and family business than we ever dreamed possible."  —Betsy McCool, Chairman, Western Communications, Bend, OR

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Product Details

  • ISBN-13: 9780230111004
  • Publisher: Palgrave Macmillan
  • Publication date: 12/15/2010
  • Series: A Family Business Publication
  • Edition description: Second Edition
  • Edition number: 2
  • Pages: 112
  • Product dimensions: 5.57 (w) x 8.33 (h) x 0.26 (d)

Meet the Author

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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Table of Contents

I. Introduction: The Final Test of Greatness
• II. The Pieces of the Succession Puzzle
• III. The CEO's Personal Challenge: Preparing for a New Life
• IV. Preparing Your Business for Succession
• V. Developing Effective Successors
• VI. Preparing the Family for a Successful Transition
• VII. Preparing the Responsible Owner Team
• VIII. The Evolving Roles of Leader and Successor
• IX. Implementing Succession
• X. Understanding Family Tensions
• XI. Other Pitfalls: Where Are You Most Likely to Stumble?
• XII. Summary
• Appendices
• Index

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