Part 6/10:
Leadership Development: Training potential successors well in advance, preparing them for future roles.
Involving Non-Family Professionals: Trusted external advisors and professional managers play an increasingly critical role in facilitating transitions.
Structured Training Programs: These should focus on developing multiple candidates, preparing backups, and broadening the talent pool, including grooming international colleagues for executive roles.
The challenges include managing family dynamics, avoiding unrest among siblings or cousins, and aligning everyone's interests to preserve harmony. Building respect within the family and establishing a shared vision are crucial.