Many of our clients want to start involving the next generation of their family in their business and have no idea where to start.
So, when Francine Carlin, Principal of the Business Harmonizer Group – who advises and coaches family enterprises – told me she was heading towards retirement, I thought it would be a great opportunity to have a conversation with her, and to share some of her wisdom. Francine’s work with a couple of our clients has been very impactful because she focuses on creating strong, healthy dynamics for the business part of the family – just like they would want for the personal side of their lives.
Here is a link to the full interview. Look out for the next blog about how to start succession planning.
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One of the biggest things I’ve learned from Francine is that although there are all sorts of technical aspects to family succession planning – legal, accounting, governance and policies – unless there is very good and healthy communication between the family members, no agreements will be reached or followed.
This is about creating harmony in the human side of business needed to get business done – like much of the work we do with our clients.
Principles, Guidelines & Agreements
At the heart of reaching harmony and consensus, lies great communication and a willingness to see if there’s common ground about what everyone wants and needs.
Out beyond ideas of wrongdoing and right doing,
There is a field. I’ll meet you there.
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- Rumi
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In families, these conversations can be emotional and complex but necessary to ensure everyone’s best interests are met, and to ensure continuity of the business.
In our experience, a seasoned facilitator or coach can make the process much easier. Someone who can help to navigate the complexities of family dynamics to establish trust and get agreement on values, boundaries, rules of engagement – and to gently guide people back when they get off track.
More about this, and the practicalities of starting succession planning, in next week’s blog.
The Challenge
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- If you are leading a family business, how well are you doing to create alignment and harmony with succession planning in mind?
- What do you have to do to take it to the next level?
Other Blogs
- Navigating Success Together: Why Aligned Executive Teams Matter
- CoachAGories: The Art of Using Questions to Build Connected Teams
- How Do You Know You Have the Right Core Values?
Older Podcasts
- Jim Collins 6 Characteristics of the Right People in the Right Seats
- Is Your Corporate Culture Really Aligned with Your Core Values?
Family Business Resources
- Family Business magazine and conferences
- Sauder’s Business Families Centre, UBC
- Business Harmonizer Group, Francine’s website