Family Business CEO Succession Planning Assessment
When family businesses need to fill an open CEO or C-suite position, they often rush to identify who will fill the role before considering what is needed from their executive team.
If your business can’t align on the skills and values your new leader will need to thrive, or can’t articulate how they will be supported, you likely aren’t ready to find your who. Prematurely placing the wrong executive can cost your business financially and reputationally – and set you back for years.
Unfortunately, it’s not uncommon for family businesses to get executive hiring wrong. A Georgia State University study found that non-family CEOs have a 40% chance of being fired in the first year of their employment. Many others resign due to miscommunications and misaligned interests. Regardless of what catalyzes the turnover, poor-fit, short-tenured executives create chaos and uncertainty.
Mitigating those risks – and successfully transferring executive power – requires more than identifying a strong candidate. It demands clarity in strategic direction, requires governance and accountability, and relies on family alignment.
Our family members are aligned on the long-term direction of the business.
Our family values are clearly defined and understood by our family members, employees, customers, and community.
Our business is well-prepared to handle a leadership transition, and current leaders are ready to transition when the time comes.
There is alignment within the family about the timing and process for leadership transition.
We have a documented and actionable succession plan that includes identified successors and a transition timeline.
Family members who work in the business have a clear understanding of their roles, responsibilities, and future within the company.
Non-family executives are empowered to make key business decisions autonomously.
Senior leadership consistently meets or exceeds performance goals aligned with our strategic objectives.
We offer competitive compensation and long-term incentives to retain key leaders and executives.
Our senior leadership is actively developing and mentoring the next generation of leaders (family or non- family).
Our Board of Directors or advisory group provides strong oversight and ensures leadership accountability.
To help you assess your readiness to hire, we created a complimentary CEO succession planning assessment. Completing it will give you insight into whether you’re ready to hire a new executive – and identify what aspects of CEO succession planning may be needed before selecting your next leader.
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