Roundtable Replay: The Family Business in Transition: Rethink, Rebalance, Reinvent
Passing the reins of the family business is one of the most important challenges that family businesses face. However, because the senior generations are well-established and experienced in their roles, it is often assumed that they require minimal transition support. We have found these assumptions couldn’t be further from the truth.
On Thursday, January 19, UHNW Institute members gathered for a virtual roundtable discussion with the authors of our recent white paper entitled: Reimagining Family Business Transitions: Rethink, Rebalance, Reinvent to discuss how recent changes in demographics are impacting transitions in family enterprises.
During their discussion, the panelists shared their insights on:
- The need for the entire family and enterprise system to provide support for the senior generations involved in the transition, not just for the rising generation where much attention has usually been focused
- The processes and considerations when creating a successful continuity plan
- How demographics are affecting business transition planning as people are working longer and more generations are involved in the process
- The importance of self-reflection for senior generations and why the skills required to run a business are not the same skills required for a successful leadership transition
- The difference between succession planning and continuity planning and how to reframe the concept of transition to be a positive outcome for each generation
The video replay from this roundtable event is available for UHNW Institute members in the member portal here.
If you are interested in learning more about joining, please do not hesitate to contact us.
We’d also like to thank the following panelists for their time and insights during this roundtable event:
Moderator – Russ Haworth, Family Business Advisor & Podcast Host, The Family Business Partnership
Panelist – Stacy Allred, Senior Managing Director, Head of Family Engagement & Governance of First Republic Investment Management
Panelist – Dennis Jaffe, Ph.D., Senior Research Fellow for BanyanGlobal Family Business Advisors
Panelist – Ken McCracken, Family Business Consultant at MFBC Limited
Panelist – Daniel Trimarchi, Director, Family Business Advisory Services for KPMG in Canada
