Family-Owned Business Transition Support
What are Family-Owned Businesses Facing?
Professionals and consultants often help family businesses sort through the financial, legal, and business aspects of the transition of leadership from one generation to the next. However, there is more to the transition. The generation that started the business, who worked hard and sacrificed much to build and sustain it, is now asked to trust that the next generation of leaders are ready, willing, and able to take up the colossal task of leadership. On one hand, they know everything will work out fine. On the other hand, they may have seen the next generation of leaders make choices over the years that cause them to worry. They don’t want the next generation to have to struggle, to be seen as entitled, or to not understand the hard work and sacrifice they will have to make at times to ensure the company’s longevity and growth. Likewise, the next generation of leaders may sense what the first generation owners are feeling and have their own set of frustrations, worries, and concerns.
Add to that the fact that each generation has its own outlook, values, and leadership style, and the relationships get even more complicated! Generations differ, in large part, because of what influenced them when they were very young.
· Baby Boomers were born between 1946 and 1963 and were encouraged by their parents to work hard and get ahead.
· X’ers were born between 1964 and 1980 and many were latch key kids with lots of free time and grew up to be more skeptical, questioning leadership.
· Millennials were born after 1980’s and have benefited from the most child-centered culture that has ever existed in the US and as kids were the first generation to have computers as a normal part of everyday life.
What was going on in the world while each generation were at an impressionable age had a profound effect on the leaders each grew to become.
What can Elston Consulting Do for Us?
Robin Elston has been consulting with a huge variety of businesses for nearly two decades, and has specifically helped transitioning family businesses for over ten years. Robin specializes in helping the transition succeed with less stress, wear, and tear on the people and families involved. She provides tailored training on leadership, generational differences, managing the relational aspect of the transition, and building even stronger relationships while resolving conflict. She also provides one-on-one coaching, as well as group and sub-group facilitation, to identify and work through growth opportunities, concerns, issues, and conflicts as they arise.