Family Business Executive Succession

Executive Succession Planning
for family businesses
Former business executive is handing the succession baton to the new business executive.

Executive Succession Planning

Few things impact a company’s current and future success than the ability, character, and style of its Chief Executive Officer. That explains why Positively People is committed to providing our clients with comprehensive CEO transition, succession and onboarding protocols. 

The expectations placed upon today’s CEO are many. They are charged with leading and overseeing the company’s short and long-term strategy after spearheading the effort to refine and implement the company’s vision and mission. It is critical that they consistently remain aware of industry developments, emerging opportunities and the competitive landscape. They are responsible for evaluating the work of other company executives while also evaluating the company’s risk profile at all times. They must always have a grasp of the company’s financial situation and embrace their role of communicating on behalf of the company to shareholders and the public, among others. 

We do not take our role of partnering with our clients in all aspects of the CEO leadership journey. The journey to success begins by aligning with your board regarding the company’s future transformational needs and CEO requirements. We help you build a strong internal pipeline of future CEOs,       an essential need of all businesses, big or small, family-owned or publicly held, by identifying, assessing, and advising them on their development journey. This process builds a strong upper-level team and assists in creating foundational support for the selected CEO. With our own global industry practices, we have access to the best external candidates should that be necessary. You’ll rest assured knowing that we apply the same rigorous standards for assessing internal candidates that we do externally.

Executive Succession Planning

Founder and Next Generation Transitions

The successful execution of a family business executive succession planning requires a strong team. The departure or retirement of key executives can leave permanent voids in leadership which could jeopardize the future success of a family business. Therefore, executive succession planning should be done regularly to minimize the risk.  Successful leadership transitions are hard enough without having to worry about how your organization will be led in the future. To help you prepare for this important event, we work with CEOs and executive teams so that they can successfully identify the next CEO or other future executive leaders.

The key to successful leadership transitions is preparation. You can’t just hope that things will go according to plan, you need an effective process for making sure everyone’s on the same page before they enter into new leadership so there aren’t any surprises or missed agreements once the transition begins. Family Business Governance also plays an important role. 

The framework for a successful succession includes:

  1. Preparation and engagement of all parties, early in the process.
  2. Defining the strategic business context and expected future state
  3. Identifying needed skills, capabilities, characteristics and clarifying roles.
  4. Assessing and identifying internal candidates
  5. Developing high-potential talent
  6. Assessing the employee talent pool
  7. Guiding and communicating the eventual transitionExecutive Succession Planning

Positively Assured Results

Partnering with Positively People promises to be a positive experience and never more so than when it focuses on the CEO leadership journey.   Being able to tap into our experience, insight, vision, and network will prove to be invaluable to your current and future leadership and ownership.