Martin Roll will teach an exclusive webinar at The Family Business Network (FBN) on 19 September 2023.
The webinar is titled: “Fit for Generations: The Pathway to Succession & Engaging Next Gen for Long-term Success.”
A successful family business strategy is a careful and curated balance between the past, present, and future.
Family firms account for a majority of global companies, they provide 70% of the global GDP and 60% of global employment. They are a key driver of global business and growth, so their sustained long-term value creation is important for the global economy as a whole.
However, the long-term success of family firms is not given, and it is definitely not an easy task to succeed across multiple generations. The succession process is uniquely complex, sensitive, and sometimes overwhelming.
There must also be a common sense of purpose to unite the business family as bridging inter-generational gaps and diverting perspectives takes time.
Surprisingly, a staggering 80% of global family-owned businesses lack a succession plan so planning should start early.
There are many complexities involved when ownership, management and family roles tend to overlap with less clear distinctions between them.
A Chinese proverb states that “wealth shall not pass three generations”. The first generation builds wealth, the second manages it, and the third generation destroys it.
The challenge often arises when the next generation takes over from senior generations who personally had everything poured into the business whereas the next generation tends to have less of an emotional connection to the business.
However, founders and generations after them also have obligations to fulfil to ensure successful succession to the next generations. Unfortunately, they may not be forthcoming or willing to engage, which leads to friction, conflicts, and a lack of commitment from the next generation.
Succession should be a well-planned partnership between generations, and the leadership and control of the business should be transferred in a step-by-step process allowing for the smooth adoption of new roles and responsibilities across generations.
Next generation leaders have to decide whether they want to get involved and in what capacity. A long-term partnership requires both parties to be motivated from the start.
Long-term success in family business favours the prepared mind.
Martin Roll will offer 5 steps guidance on successful succession:
1. Clear business family communication
2. Distinct mandate & clarity about roles
3. Provide amble authority & autonomy
4. Decide on a long-term business strategy
5. Allow for learning & development
To effectively navigate a family business through generations, it needs business family leaders with courage, conviction, strong mental resolve, unwavering focus, and a strong sense of purpose.
Having fun during the succession journey and cherishing the nice moments is important.
Family business succession is a marathon. Not a sprint!
Martin Roll will illustrate how the Danish toy brand LEGO has completed its succession into the 4th generation and the important stewardship roles of family offices.
He will present strategic frameworks, cases, and concrete examples of how to successfully lead family business succession, engage the next generation and build a strong foundation for long-term impact.
The webinar is exclusively for FBN members.
The Family Business Network is the world’s leading organization of business families. Founded in 1989 and headquartered in Lausanne, FBN has the mission to offer business families a safe space to learn from, share with and inspire each other about:
FBN is a federation of 32 Member Associations spanning 65 countries. The Global network gathers 4,000 business families – encompassing 17,000 individuals of which 6,400 are Next Generation.
Read the interview: Interview with Martin Roll, Global Family Office & Family Business Expert (TechBBQ Grilled)
About Martin Roll: Martin Roll – Global Family Office & Family Business Expert
Next Generation Mentoring: INSEAD Next Generation Mentoring Program
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