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Next-Generation Transition

 

Next-Generation Transition

As founder families move to siblings and cousins’ generations, a smooth transition of leadership and ownership becomes critical. Passing the baton to the next generation is a daunting challenge, many a times resulting in family feuds and business failures.

Every owner-family has its unique culture, values, and entrepreneurial DNA. Next-Generation transition is about transferring values and legacy along with leadership, ownership, and decision power to the succeeding generation. Business transition from one to another generation is a journey that requires planning, preparation, and practise.

At Equations, we serve single and multi-generational families and guide them through many challenges including transfer of leadership responsibilities to capable successors. We help our clients develop a suitable transition strategy, address various risk factors, and take decisions in the best interest of the business and the family.

We work with family businesses to enable an effective generational transition:

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Planning and Managing the Transition

  • Objectively assessing senior and younger generations’ expectations, capabilities, and developing a comprehensive Transition Plan in alignment with family’s long-term goals
  • Preparing the family and the organization to execute the Transition plan through structures, processes, and training
  • Recommending restructuring or splitting of businesses and adding new ventures in case of multiple successors or family branches

Next-generation Development

  • Assessing competencies and capabilities of next-gen members to identify their personality and behavioural traits, and leadership potential
  • Designing Individual Development Plans for next-gen successors, coaching them to enhance their sense of belongingness, and develop skills for current and future roles
  • Conducting a time-bound Induction program for younger scions to familiarize them with business basics, organizational culture, and demonstrate their capabilities

Professionalizing the Work Culture

  • Creating a Code of Conduct and a formal Board structure for good governance and effective decision-making among different generations of family members and key executives
  • Facilitating family members to separate business, family, and ownership issues by corporatizing decision-making, developing protocols for selecting next-gen successors for key positions and on the Board
  • Mentoring successors, coaching Board members and key executives to align vision and goals, enhance business performance, leadership skills, and build a professional work culture

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