Family businesses are unique in that transitioning them to the next generation is a complex, often deeply emotional, endeavor. Complexity gets dialed-up further when the business employs highly capable non-family professionals on its executive, and when members of the rising generation are eligible to participate in the benefits of ownership without all being active in management. Enterprising families quickly discover intentional thought is required to satisfy the needs of all stakeholders while ALSO navigating the complexity that comes with being parents, adult children, cousins, aunts, uncles, nieces and nephews!
Together the panel will explore:
- Transitions - how the Coghlan/Stevens Family transitioned from G1-G2 (siblings), and how they are navigating their G2-G3 transition today (cousins)
- Purpose - how the Coghlan/Stevens Family clarified its purpose, and how their values and mission have become a guiding star
- Ownership - lessons learned re: the importance of maintaining flexibility
- Governance - the importance of communication, the role of Family Council meetings, and the constructs through which different decisions are made (Examples: Family Employment Policy, Family Ownership Policy, Growth vs. Harvest)
- Stewardship - how their family is creating learning opportunities for non-active family shareholders in a way that keeps the family connected and the entrepreneurial flame alive
Attend this session to hear stories that will help transition your family enterprise in a way that keeps your business strong and family dinners enjoyable!