Question: “We are a 2nd generation contractor. How does one communicate the plan in such a way that it avoids alienating the family or the rest of the team, particularly when the family members who are succeeding me are vastly less experienced than the current leaders?”
- Be transparent in your communications that the business is and will remain family owned, if that is truly your intention. This may cause some short-term problems, but the truth is that there are many very talented people who absolutely love working for family owned and operated businesses because of the culture.
- If the family member(s) have skill gaps, assign someone to specific mentoring roles and also make that transparent to everyone. There is a lot of honor and responsibility that goes into preparing someone to take a leadership role.
- Make sure to differentiate between skill gaps and behavior problems. Behaviors that are outside the cultural norms of the organization will do a lot of damage. This is doubly true if those behaviors are exhibited by a less experienced family member. That will endanger the business for the whole family and all of the team members.
This is Part 15 of a 15-Part Series
Topics Covered in the Series Include:
- When is it Too Late to Start My Retirement Planning?
- Where to Turn for a Helping Hand
- Future Vision For Your Company
- Post-Retirement Business Involvement
- The Construction Retirement Masterpiece
Interested in learning more? Contact us.