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2011 | Buch

Introduction Kapitel lesen Erstes Kapitel lesen

Letting Go

Preparing Yourself to Relinquish Control of the Family Business

verfasst von: Craig E. Aronoff

Verlag: Palgrave Macmillan US

Buchreihe : A Family Business Publication

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

Letting Go helps family business owners and CEOs make the decision to begin succession planning. It provides new ways of thinking about giving up control of the family business and explores practical strategies for preparing, managing, and carrying out the decision to do so.

Inhaltsverzeichnis

Frontmatter
Chapter 1. Introduction
The Inner Process of Letting Go
Abstract
When I was a young consultant and family business leaders asked me for advice on succession planning, I would be very clear on one particular point: “You need to set a date for your retirement, and you need to stick to it.” It didn’t take me long to realize that I wouldn’t have many clients left if I insisted on that idea. While I still think it’s good advice, I learned that it didn’t fit with a tremendous number of family businesses. And because it didn’t, I found that the notion essential to succession, that the incumbent leader will leave the business so that the next generation can take over, needed to be approached in a different way.
Craig E. Aronoff
Chapter 2. You Don’t “Have” to Retire (but Is Hanging On Worth the Price?)
Abstract
“This is my business,” insists Arnold, the 75-year-old founder I and CEO of a family-owned manufacturing company. “I love running it, why should I quit?”
Craig E. Aronoff
Chapter 3. Whose Decision Is It Anyway?
Abstract
In the world of publicly traded businesses, CEOs typically don’t have the option of hanging on. A company policy mandates retirement age or a board of directors tells them it’s time to go. Even Jack Welch, hailed by some as the greatest corporate manager of the 20th century, bowed out of General Electric at the conventional retirement age of 65.
Craig E. Aronoff
Chapter 4. Taking People Hostage
Abstract
Sound familiar? These are the kinds of statements CEOs make when they don’t want to retire but they do want to keep their children in the business. In other words, they take the kids psychologically captive.
Craig E. Aronoff
Chapter 5. Make It Easy on Yourself
Abstract
Because the preparations for letting go can take as much as a decade or more, CEOs are well advised to get started when they are still in their 40s. Charles Collat, the second-generation leader of Mayer Electric Supply Inc., in Birmingham, Alabama, had begun thinking about letting go but didn’t engage in the process in earnest until he was 60, when he called in a family business consultant to help. Still, it took a decade to effect a successful transition, and Collat was 70 when he finally retired.
Craig E. Aronoff
Chapter 6. The Supporting Cast
Abstract
A CEO’s decision about letting go affects a whole lot of people, and a whole lot of people, in turn, affect the letting-go decision. The CEO’s spouse, sons and daughters, key non-family employees, and the members of the board of directors are among those most likely to be involved. They are the supporting cast in the drama of letting go, but that doesn’t necessarily mean they are supportive.
Craig E. Aronoff
Chapter 7. Exit Laughing
Creating a Meaningful Life in Retirement
Abstract
Nothing overcomes one’s reluctance about retirement more than looking forward to having a good time. That’s why thinking about what you want to do long before it’s time to let go and learning more about yourself and discovering unexplored potential passions are so important. The old adage is true: you don’t want to just retire FROM something, you want to retire TO something—something that engages you and makes it a pleasure to get up in the morning. Part of your letting-go responsibility is to find out what that something is. And, of course, it can be more than one thing.
Craig E. Aronoff
Chapter 8. The Post-CEO Role
Abstract
Six acrimonious months after a 42-year-old third-generation leader was named CEO and president of his family’s firm, he asked for a meeting with his father, the chairman. “Dad,” he said, “ever since I became CEO, we’ve had a real problem. I make decisions, and you change them. Nobody knows who to listen to. This has got to stop.” The father started to interrupt, but the son continued. “Now Dad, the way I see it, we have two jobs at the top of this organization. The president/CEO has responsibility for running the company, and the chairman travels and plays golf I’ll be happy to do either one. Your choice.”
Craig E. Aronoff
Chapter 9. What If You Choose to Hang On?
Abstract
“I’m not a dynast,” said one CEO who’s in his mid-70s. “My I ego is not involved in believing that this business will last forever. It’s not my goal to see my grandchildren taking over this business. That’s their parents’ concern.” This owner takes pride, however, in having created wealth and having contributed to his children’s prosperity. He also experiences the satisfaction that comes from knowing his offspring could make their own way even if they weren’t in the family business. Even though their father has not stepped aside, the three adult children have stayed in the business. He has been honest with them about his plans to hang on, and they have made their own decisions about continuing in the family firm with the full knowledge of their father’s intent.
Craig E. Aronoff
Chapter 10. Summary
Abstract
For most family business CEOs, the prospect of relinquishing control is enormously troubling. It presents many fears—the fear of mortality, the fear of poverty, and the fear that one’s adult children won’t get along. Most family business CEOs put their hearts and souls into the business for all of their adult lives. The thought of letting go and the process itself introduce feelings of grief and mourning that are natural and appropriate to one of life’s major passages.
Craig E. Aronoff
Backmatter
Metadaten
Titel
Letting Go
verfasst von
Craig E. Aronoff
Copyright-Jahr
2011
Verlag
Palgrave Macmillan US
Electronic ISBN
978-1-137-51025-9
Print ISBN
978-0-230-11115-8
DOI
https://doi.org/10.1057/9780230116139

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