While there are some common threads for most family businesses the challenges are different for businesses that are transitioning from first generation to the second vs. those that have survived few generations. Finding the successor to lead the organization is just one such factor. Building an executive team that will not only manage the present but set the next generation for success is critical part of the continuity. Family dynamics plays a huge role. Loyalty and tenure is valued over competencies and skills to lead into the future.
Planning for Retirement
Lack of planning for life beyond business is major mental barrier for outgoing generation. Work and business is all they know for many years. Finding purpose and joy beyond work is a journey. Finally it is important to discuss the purpose for continuity of your business. Was the purpose of your business to support lifestyle for you and your family members or is there something beyond that? This helps in creating a framework for transition, continuity and growth beyond you.
Organizational Structure for Succession
For many family owned businesses age gaps between outgoing generations and incoming generations are anywhere from 20 to 30 years. Experience seems to be barrier to transition. However, in our observation it is more than just an experience. Organizational structure, management style which in many cases is authoritarian and highly hierarchical has prevented next generation from growing into leadership role. Smart financial planning, good business growth strategy and building the bench strength of strategic thinkers with good judgment are keys to the success. Environmental changes, fear of the unknown and aversion to risk has stifles leaders from being proactive in planning for continuity and transition. While each situation is unique there are common identifiable threads that run through all these companies.
Additional Clients We’ve Helped
Clear Vision Alliance’s approach at the Round Table meetings both motivates and challenges the group’s perceptions of their businesses and the roles in their business. It provides a clear view to additional points of consideration.
The experience and their extensive research Clear Vision Alliance has translates into action plans that prepare businesses for the impact of the global economy, the pace of change, and the trends that impact them. Their unique perspective paves the way for companies to recognize uncertainties before it is too late.
Having reached a plateau in our business strategy thinking, we asked Clear Vision Alliance to work with us on our Strategic Planning Process and Executive Leadership Development… They have been instrumental in helping move us to the next level so we can support and lead our organizations future growth.
The coaching that Clear Vision Alliance provided our organization has been invaluable. From leadership development, to conflict resolution, to strategic planning and financial accountability, every person on our team has benefited from their wisdom and expertise.
At one year’s EANE Executive Roundtable, I discovered I didn’t have the right people in the right jobs. It was not an obvious mismatch. It became apparent thought Ravi’s and Lynn’s expertise in asking questions and facilitating discussions. That discovery alone was worth my time and the price of admission!
As individuals and professional consultants, Ravi and Lynn make themselves available, they seek feedback, and they share from their own learning experiences, making the whole experience rich and real.
I always walk away from the monthly roundtables with a fresh perspective and would highly recommend working with CVA if you want to grow as a professional and want to push yourself to greater limits.
As a potential business leader in the world of architecture, I constantly look for ways to gain perspective and push myself to the next level. The monthly roundtables offer me a unique experience in which I get the benefit of having discussions with other business professionals on a variety of vital topics.
Clear Vision Alliance has served a vital role in the rapid, controlled growth of our firm, professional development of key staff (including myself), and are instrumental in providing the framework for pending transfer of Ownership.
“I’ve been lucky enough to have the opportunity of working with Lynn Whitney Turner and Ravi Kulkarni of Clear Vision Alliance (CVA) for the past three years. They have served a vital role in the rapid, controlled growth of our firm, professional development of key staff (including myself), and are instrumental in providing the framework for pending transfer of Ownership. Of all that they do and are able to offer though, perhaps the most important service that they provide to me is the hosting of monthly roundtable meetings.
As a potential business leader in the world of architecture, I constantly look for ways to gain perspective and push myself to the next level. CVA’s monthly roundtables offer me a unique experience in which I get the benefit of having discussions with other business professionals on a variety of vital topics. Lynn and Ravi are always able to guide these roundtable discussions through the introduction of tough, thought-provoking issues while providing real-life examples based on their combined fifty years of experience in the industry. With these discussions, I’m able to draw conclusions and translate thought to action which can often have a profound effect on my firm’s health.
I always walk away from the monthly roundtables with a fresh perspective and would highly recommend working with CVA if you want to grow as a professional and want to push yourself to greater limits.”