Promoting the transfer of relevant knowledge and skills from one generation to the next one, in the family firm, and equipping owners, directors, managers, and workers with professional tools fit for today’s competitive and dynamic market.
Many times, passing the reins of control and management from the founders of the family firm to the next generation involves a crisis. While the founders fear to lose their grip in the firm and find it hard to trust their potential successors, the members of the next generation are likely to start fighting over their share in the firm.
The cost of such a crisis may turn out very high, since the founding generation has accumulated a great deal of professional knowledge necessary for the next generation to ensure the firm’s stability and continuity.
Being aware of the sensitivity and complexity of intergenerational transmissions, I assist family firms in completing the process successfully and in creating necessary changes in the organizational structure, based on thorough analysis of the firm’s business interests and of the skills and preferences of relevant family members.
To carry out the process and to meet all needs and interests involved, I promote constructive negotiation and dialogue between family members and organs in firm.
Expanding the power and authorities of the next generation, while defining new roles for the founding generation, is usually an opportunity for business growth and innovation.
Therefore, I promote systematic and comprehensive transfer of knowledge from the founding generation to the next one, and often recommend the founders will be given new influential positions, such as presidents, directors, or investors. This way, the founders maintain their involvement in strategy and governance matters, although in a more moderate fashion, and are able to contribute to the firm’s efficiency and growth.
For the members of the next generation I define new roles or redefine the content of their current roles, being either representative or managerial, to enable them to take successfully the reins of control and management in the firm, to develop it, and to create growth.
As part of the reorganization process, I equip the next generation, as well as the founding generation, with advanced and updated organizational tools, such as value estimation, budget planning, market analysis, and a more efficient and professional division of roles, to adapt the firm’s performances to the constant and expeditious changes occurring in today’s market.
The transmission process is a structured and systematic one. To support each role and the professional interrelationship between the roles,
I build together with the managers, procedures and methods all aimed at creating an efficient, well operated and innovative organization.
When required, I offer family members appointed to new managerial positions, mentoring services: a limited training period conducted by professionals who specialize in relevant fields, such as finance, operation, and marketing.
On the one hand, the mentors accompany and guide the new managers while taking their first steps in their new role, and provide them with an initial security net. On the other hand, the mentoring process allows the new managers to be actively involved in management and acquire first-hand experience from day one.
