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2018 | Buch

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Transitioning from the Top

Personal Continuity Planning for the Retiring Family Business Leader

verfasst von: Stephanie Brun de Pontet

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

How can you move most effectively from the pinnacle of business and leadership success into "post-work" life that energizes you, and leverages your experience and your interests?
This book draws on the experience of several past CEOs to address the important topic of ‘personal continuity’ for family business leaders transitioning from the day-to-day leadership of their enterprise.
Making this transition remains challenging for most leaders. Lack of clarity or options for meaningful post-CEO roles is a major factor in succession struggles, resulting in wide-reaching consequences for all stakeholders in the enterprise. Here, family business consultant Brun de Pontet takes an in-depth look at the dynamics and challenges for leaders in transition and the systems around them, to deliver insights on sources of difficulty and tips and tools for effective planning. The book draws extensively on the experiences of more than a dozen former family business leader interviewees. These highly driven and accomplished business leaders share stories and lessons from their own personal continuity journey as they transitioned from the top of their companies. Combining these real examples with knowledge from years of consulting and research, Brun de Pontet helps leaders broaden their sense of self as they look forward to a rich, purpose-filled next chapter in life.

Inhaltsverzeichnis

Frontmatter

1. Introduction

Abstract

Typical succession planning may fail to take into account the importance of addressing the transitioning leader’s personal continuity planning. That is, how will a driven and successful person continue to feel fulfilled and engaged once they are no longer leading their enterprise? The author highlights that these transitions take place in a complex set of systems including the individual, family, business, and broader culture. The author’s research shows retiring leaders who commit to new goals have more fulfilling post-work lives. Understanding the challenge/complexity of change in this context helps transitioning leaders plan for successful personal continuity. Family business leaders, other members, and those who work with or study family enterprise will benefit from this book’s concepts and examples—many are based on family business leader interviews.

Stephanie Brun de Pontet

2. Conceptual Model

Abstract

The conceptual model of this book examines the internal readiness of the retiring leader for the transition, and the system readiness of their family and business, along with the broader context in which these subsystems exist. These interrelated elements influence the planning, options, and reality for the leader’s post-work life. Internal readiness includes components of identity, change capacity, temperament, and health. Family system factors including marriage quality and the rising generation’s involvement in the business can affect personal continuity, as can the business’s health and overall leadership. The context, including the leader’s personal network and community of residence, also exerts influence on the leadership transition journey and outcomes.

Stephanie Brun de Pontet

3. Beware the Identity Trap

Abstract

Many leaders are prone to an “identity trap.” They have a disproportionate focus on career, which makes it difficult to move comfortably into retirement due to the impact of this role loss. Contributing factors are the long work hours most family business leaders put in, and the loss of benefits/status, decision-making authority, and administrative support inherent to retirement. Surrounding all of this is the feeling of lack of purpose many retiring leaders anticipate or experience. Leaders can avoid the identity trap by recognizing over-commitment to professional identity, developing interests beyond work, planning carefully—especially for what will be lost—and even practicing their “pitch,” or what they’ll say when people ask what they’re doing in retirement.

Stephanie Brun de Pontet

4. How Ready Are You for Change?

Abstract

The individual leader is central to the personal continuity model. Their readiness and that of the family/business system around them exert mutual influence. Change is hard, and adaptability to it varies by individual temperament, including the dimension of natural openness to change. How well leaders disengage from old goals and reengage with new ones will also affect their continuity. Moreover, growing old is “not for sissies,” as the twilight years for most are impacted by small or large health challenges, potential ageism in the community, and loss of relationships. Strategies to boost personal readiness include pushing oneself to try new things, investing in personal relationships, and planning a post-retirement path well before retirement.

Stephanie Brun de Pontet

5. Is Your Family Ready for Your Transition?

Abstract

Challenges related to any dimension of family will affect personal continuity for retiring family business leaders. This is especially true for marriage/life partner situations, which affect and are affected significantly by the transition, due to potentially conflicting interests and the (potential) shift to spending more time together post-retirement. Challenges may also arise over how much time to spend with children/grandchildren and loss of connection to the business and family employees. In all cases, open communication can help those in the system acknowledge history, navigate boundaries, address divergent needs, and find common ground. A good governance system also helps to promote communication and the right solutions to handle transition as related to the family system.

Stephanie Brun de Pontet

6. Is Your Business Ready for Your Transition?

Abstract

Like the family system, the enterprise’s readiness for leadership transition affects personal continuity. Components of business readiness include an aligned, committed ownership group; stable market position and financial strength; and sustainable leadership, structures, and processes, including as related to corporate governance and strategic planning. A critical component of enterprise readiness is the presence of a capable, trusted successor to the outgoing leader: one with objectively proven abilities, the trust of key stakeholders, and demonstrated commitment to the family and business. Careful assessment of all these areas is critical to gauging and addressing enterprise system readiness.

Stephanie Brun de Pontet

7. Where Are You From and Why Does That Matter?

Abstract

Life never happens in a vacuum. The broader context for leadership transition—its social/physical environment—affects personal continuity. For example, North American communities place greater emphasis on professional role than those in other geographies, potentially impeding continuity due to the identity trap. Other cultural elements with influence include the role of elders and value placed on physical fitness. Transitioning leaders’ experience and networks will also affect opportunities available to them; underscoring the importance of maintaining outside-of-work social connections. Country-level norms are also important contextual factors, especially as related to ageism. Finally, where and how the transitioning leader will be able to work—on whatever they choose to—will smooth or challenge continuity.

Stephanie Brun de Pontet

8. Where Do You Want to Go (and How Do You Know?)

Abstract

Post-work life represents a wealth of opportunities for transitioning leaders as part of a personal continuity plan. Most leaders would struggle with a less active retirement, so the best approach involves thinking carefully about the impact one wishes to have. Broad categories of involvement include leadership/participation in professional roles (such as board membership), civic engagement, nonprofit, or arts/cultural leadership or activities; “play,” such as sports/fitness, travel, and social outings; and other enriching activities such as those related to classes, clubs, mentorship, teaching, or spiritual activities. The goal is to find the right mix of pursuits for one’s personality, passions, interests, values, and goals, as filtered through many practical considerations. Choosing and testing opportunities are critical.

Stephanie Brun de Pontet

9. Get Around Roadblocks, Assess Your Readiness, and Keep Score

Abstract

Understanding how to overcome roadblocks to personal continuity and “keep score” of progress is critical for leaders in transition. Many barriers to continuity are internal: the idea of losing relevance, fears about the business and family, and concerns about being bored or finding balance, among others. The challenge is to plan strategically for the future while “expecting the unexpected.” That means assessing one’s readiness for the transition and setting concrete goals: ideally “SMART” goals that are specific, measurable, achievable, realistic, and time-bound. Keeping score is about articulating personal measures of success, as related to learning/growth, progress of organizations, or even time with family.

Stephanie Brun de Pontet

10. Conclusion

Abstract

Interviews for this book underscored that CEOs who have successfully made this transition have long nurtured interests and activities outside their business commitments. This final chapter recaps the importance of spending time getting clear on what you want for your future first, getting alignment with others affected by this change as a second step, and planning for the journey as a critical third piece.

Stephanie Brun de Pontet

Backmatter

Titel: Transitioning from the Top
verfasst von: Stephanie Brun de Pontet
Verlag: Palgrave Macmillan US
Electronic ISBN: 978-1-137-57804-4
Print ISBN: 978-1-137-57803-7
DOI: https://doi.org/10.1057/978-1-137-57804-4