Family Owned Business Transition Support
The need: Lawyers, accountants, and/or business 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, worked hard and sacrificed much, 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 all that the fact that each generation has its own outlook, values, and leadership style, and the relationships get even more complicated! Generations differ in 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 Elston Consulting Can Provide: Robin Elston has been consulting for over 15 years and specifically helping transitioning family businesses for ten years. She specializes in helping the transition success with less stress, wear, and tear on the people involved. She provides training to the leaders 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 and group and sub-group facilitation to identify and work through growth opportunities, concerns, issues, and conflicts should they arise.