All organisations lose good people, whether it’s for personal or professional reasons, planned or unplanned. The loss of talented employees can leave a large gap in any organisation and bring on periods of uncertainty, change and turbulence.
Succession planning ensures an organisation remains ready to continue growing and performing by minimising the impact of losing key talent and leaders.
Advised Group builds coordinated succession strategies that connect the assessment and development of internal and external candidates with the goals and culture of the organisation.
Leadership succession planning is one the biggest challenges facing a family-owned business. While many of the most successful CEOs are family members, companies must prepare for the eventuality, or at least the possibility, that the person best suited to be their next CEO may not be a family member.
In considering whether to recruit an external professional to lead the business, much rests on how well the outsider will be able to cope with the dynamics and culture of the family. Indeed, when things go wrong for family business CEOs it is not usually their business competence which is responsible, but rather their failure to manage the expectations and aspirations of the family.
Our consultants work with family businesses to help align the family, the board and management with the succession planning process. We can further advise on wider board composition including adding independent directors to a board. This can offer much-needed experience and objectivity when it comes to the planning and the assessment of succession candidates in family businesses.