In family-run ventures, the owner’s successor is often a child, sibling, or other close relative. Sometimes, these family members are heading into a business transition with know-how and a bold vision but no experience at the helm.
If so, your transition strategy should include time blocked out for frank conversations about gaps between their vision and the company’s current capabilities and resources. They may benefit from leadership training, such as the Truist Leadership Institute’s TORCH program, or by having existing execs and managers assist with areas that aren’t their specialty.
Also, discuss where a new leader plans to focus their efforts. For instance, if it’s a CEO, are they looking to experiment with new product lines? Expand into new markets? Acquire competitors?
Working through questions like these with a relationship manager in advance will not only apprise your CEO of the capital and support they need but will inform members of the C-suite what training and resources they need to empower the incoming executive.
“Leadership transitions affect everyone in your organization—so if you’re getting a little overwhelmed or having trouble being objective about one, that’s normal,” says Cagle. “We’re here to help you navigate the nuts and bolts of this life-changing event. It’s one of the things we do best.”
