The past two decades have unveiled rapid changes that affect how we work, think, and interact. For family business leaders, these transformations demand a reevaluation of the skills necessary for future success, both for individuals and organizations.

Family business is just that… a family affair. The journey of each individual family member towards personal growth is not just a path to self-improvement but a critical component of business success and family harmony. Have you or your family members really thought about the importance of each individual learning to bring their best self to both the family and the business?

Family businesses are unique entities, often blending deep-seated emotions with critical business decisions. One of the most challenging aspects of succession planning in such businesses is managing parental interference. While parents usually act out of love and concern, their involvement can sometimes hinder the smooth transition of leadership to the next generation. In this article, we delve into the intricacies of parental interference and offer insights to navigate this complex dynamic.

Family businesses are crucial to our economy, and one of the essential components of their longevity is proactive development of rising family business leaders. However, family businesses face unique challenges in this area. Being able to assess and develop next gen and rising leaders in the organization– both family and non-family– is often hindered by complex family dynamics, communication issues and lack of clarity around next gen capabilities.

As the leader in a family business, you already know that succession planning or eventual transition is somewhere on your horizon. There’s no getting around it. It may be looming directly in front of you. It may be somewhere far enough down the road that you haven’t given it much thought. If either are true for you, keep reading.