Succession Planning (CONT’D FROM PAGE 22)
suggests avoiding misunderstandings down the road by establishing ground rules for family participation, includ- ing pay and performance expectations. “Will you bring in a family member only when a position is available, or will a job be created for them? Will you treat them differently from other job applicants by making it easier or harder for them to be employed? How will they be paid and how will they be fired if they don’t perform to standards?” Too often, families avoid addressing such questions, laying the groundwork for arguments among siblings down the road, as well as resentments among the compa- ny’s nonfamily personnel. Address Interests The second most common error is putting kids in the wrong roles, said Vorhoff. “You need to figure out where each individual thrives. What type of work do they do ex- ceptionally well? How can you put them in roles where they're happy with what they’re doing, as opposed to those that you need filled?” Maybe Sam has an analytical mind and likes working with numbers. Linda, on the other hand, wants to avoid cli- ent-facing duties. Joe may be more comfortable in sales. It’s important to utilize each person where their skills and desires are appropriate. “We find that often one sibling will be placed in charge of operations, another of sales, and another of controlling and accounting,” said Vorhoff. Absent honest conversations, unrealistic expectations
The reality is that succession is a marathon, not a sprint. And it’s a journey that is best started well in advance of the actual moment of power transfer. “Future leaders need time to incubate,” said DeCitanis. “They need to absorb not just the expertise relevant to the particular enterprise, but also the leadership skills and social capital necessary to be effective in the role.”
For their part, the retiring generation wants to know their baby will be managed well, noted Amy Wirtz, Senior Consultant at the Family Business Consulting Group ( thef- bcg.com ). “Trust needs to be built in the incoming lead- ership team. The idea is to gradually scale up the next leaders so they are seen as able to meet the needs of the business when a transfer is required.” Expertise is required, but so is accountability. Wirtz
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