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Building Multigenerational Resilience: 4 Tips for Family Business Succession

Family businesses face unique challenges when it comes to multigenerational succession planning. Matt Allen, a clinical professor at Kellogg, emphasizes the importance of long-term resilience and offers four tips for family enterprises to build and preserve multigenerational resilience. First, he suggests cultivating emotional ties to the business from an early age to ensure future leaders have a strong connection. Second, he advises against delaying planning for a leadership transition, emphasizing the value of transparency and continuity. Third, he highlights the importance of not delaying the actual transition, as timing is crucial for the next generation to feel engaged and avoid frustration. Finally, he warns against inertia and encourages family firms to embrace innovation and adapt to market changes, even if it means significant pivots in the business.

Succession planning in family-owned businesses is crucial for their long-term sustainability. It involves addressing the readiness of the next generation, giving them more autonomy, and ensuring a smooth transition of leadership. Family businesses need to plan early, be transparent about leadership transitions, and avoid delaying the actual handover of responsibilities. Cultivating emotional ties to the business from an early age and embracing innovation are also key factors in ensuring the continued success of family enterprises across generations.

Family businesses can navigate the challenges of multigenerational succession by focusing on long-term resilience, cultivating emotional ties, planning and executing leadership transitions in a timely manner, and avoiding inertia by embracing innovation and adaptability. By following these tips, family enterprises can build and preserve multigenerational resilience, ensuring their continued success across generations.

Revolutionize Your Meetings: 5 Steps to a Future-Focused and Engaging Approach"

Are you tired of unproductive, past-focused meetings that leave your team feeling disengaged? Sanjay Khosla, a senior fellow and adjunct professor of marketing at the Kellogg School, offers a refreshing approach to revamp your meetings. By following these five steps, you can transform your meetings into future-focused, engaging, and productive sessions.

Step 1: Focus on the Future, Not the Past

Khosla suggests shifting the focus of meetings from dwelling on past performance to prioritizing future initiatives. By allocating 70% of the meeting to address priorities ahead, leaders can create a more forward-looking and positive energy in the room.

Step 2: Replace Slides with Prep Work

To make meetings more efficient, Khosla recommends banning slide presentations and instead assigning pre-reading materials to be shared before the meeting. This allows participants to review progress and come prepared to discuss specific areas that require attention.

Step 3: Start with What's Working

Khosla advises starting meetings by celebrating successes and discussing positive aspects. This approach not only energizes the team but also encourages them to apply insights from successes to other areas that may need improvement.

Step 4: Listen to Your Meeting's "Conscience"

To ensure meetings stay on track, Khosla suggests assigning a "conscience" at each meeting. This individual is responsible for maintaining the meeting's focus on the future, ensuring clear communication, and addressing any bottlenecks or resource gaps.

Step 5: Build a BOM Rhythm

Before concluding a meeting, leaders should set the agenda for the next meeting and distribute it to members. This helps teams coordinate their efforts and maintain a continuous flow of communication between meetings.

By implementing these five steps, you can revolutionize your meetings, creating a more positive and action-oriented environment that drives long-term engagement and performance.

This approach, as advocated by Sanjay Khosla, offers a valuable framework for leaders looking to transform their meetings into future-focused and engaging sessions. By prioritizing the future, celebrating successes, and maintaining clear communication, teams can cultivate a more positive and action-oriented culture that drives long-term engagement and performance.