Transitions, Roles, and Heritage Design
Communication, Mentoring, and Identifying Roles are 3 key ingredients in Heritage Design and The Heritage Process™, which are part of the services we provide to create successful multi-generational families.
Below is an excerpt from the article by Thomas Heath: Trump is ready to hand over the family empire. It doesn’t always go well. December 11, 2016, The Washington Post that highlights important details about the upcoming transition and what our President-Elect can do to prepare. These details and misperceptions below are also important to remember during the transitions within a family, not only a family business.
“Planning is key: Parents can’t reliably predict when they’re going to be, say, tapped to be president, or need to divest, or transfer, their ownership for some other reason, so they should start planning now to get the kids ready ‘just in case.’
When the parents are gone…: Parents often see their adult children working together in different parts of the family business/empire – all working under their direction, and erroneously conclude that if they are working together now, they should still be able to collaborate on their own if they are out of the picture. This assumption on the parents’ part couldn’t be further from reality. The scenario is completely altered when parents exit the picture – or move to the White House. Most critically, the power dynamics among the siblings shift radically the moment a parent steps aside.
…So should President-elect Trump decide how the next generation should work together? No. Instead, he should tell his children to go off … and spend three days hammering out exactly how they think they could work together as a team. Who would have which roles? What authority would each of them have to make decisions? How will they communicate with one another? How will they handle their differences and any conflicts that arise? Who is going to own what and how are they going to be compensated?
‘These are some of the critical questions that they should answer for themselves, essentially creating a Partnership Charter for themselves, which they could then deliver to the president-elect for him to respond to.’”
For families we work with at Living My Legacy, depending on the desired outcomes of the family, these action items typically are part of our recommended next steps (begin TODAY, work together to identify your Family Purpose and create a form of Family Governance to support the Family's Purpose for years to come). One thing to keep in mind, a big difference between families and a family business/empire is that the roles and authority are usually clearly defined in a business.
What roles do you imagine exist in a family? There are many critical roles to be transitioned to ensure continued family traditions and strong bonds for generations. Some roles include: Vacation Planner, Family Council Chair/Family Meeting Leader, Recorder/Secretary, Treasurer, CEO (chief emotional officer), Elders/Committee for Wise Counsel, Fun Committee, Communication Coordinator, Storyteller, Historian, Photographer, Newsletter/Website Editor, Faith Leader, Musician,…
What other roles are found in your family?
Begin documenting each role in your family and creating your family’s succession plan to ensure continued and strengthened family bonds and unity for generations to come or call us TODAY – we can help!
