Less than one-third of family-owned businesses survive the transition from first to the second generation, and fewer than 15% are successfully passed to the third. There are many reasons for this. In recent years, we've seen a decrease in generational interest continuing in the business. However, we find that the most common cause of failure involves a lack of planning and preparation.
Waypoint Growth Advisors understands the unique challenges of family-owned businesses and can help you improve your transition readiness, whether you intend to pass the company on to the next generation or you're considering a sale. In either case, you will want to ensure that your business has a strong foundation to secure your legacy and guarantee a smooth transition.
Waypoint Growth Advisors can help you navigate through the human capital challenges related to transition:
Succession Plan Development
Assessment of Next Generation Readiness
Next Generation Leadership Development and Coaching
SUCCESSION PLAN DEVELOPMENT
One of the critical challenges in business succession planning is the identification and training of the successors. It can be even more complicated in a family-owned business because of the personal relationships and emotions that inherently exist.
Our proprietary 3D talent assessment tools can be utilized to profile your leadership team. The assessments measure problem-solving skills, motivation, cognitive balance, and mastery of 25 critical leadership competencies. As part of the process, we analyze employee fit to current and future roles, including alignment to culture, corporate vision, and team compatibility.
ASSESSMENT OF NEXT GENERATION READINESS
Are you confident that the next generation ready to assume responsibility for your family business? Do they have the skills and temperament to lead the organization in today's competitive environment successfully? Our 3D assessments help take the emotion out of the planning process, providing objective insight regarding each family member's behavioral style and what motivates them. Our assessments highlight strengths and areas for development so that unique development plans can be developed to improve readiness and mitigate the risk of an unprepared successor.
NEXT GENERATION LEADERSHIP DEVELOPMENT AND COACHING
Waypoint can also facilitate workshops using our assessments as the foundation for teaching Executives, Management Teams, and future-generation team members how to improve their communication and effectiveness with peers, employees, clients, and other family members.
One-on-one coaching is also available to provide targeted/customized leadership development for high-potential family members. Coaching relationships typically involve a minimum 3-month commitment to weekly calls. At the end of three months, progress is evaluated, and next steps are developed.