I advise CEOs and Boards on the often painful process of leadership change. In situations of planned CEO departure, I assist the CEO and Board with their selection process. In this capacity, I may partner with a more traditional search firm, adding value by providing another set of eyes, offering an independent assessment of the candidates which can help to confirm a Board selection. I serve as an advisor throughout the succession process, focusing on candidate personality, emotional intelligence and cultural fit with the company, management team, and family when a family business is the client. In situations that involve an unpopular and extremely difficult decision to remove a standing CEO, I assist the Board in the process of leadership change and subsequently help in the assessment of prospective candidates. I may also work with the new CEO in an advisory capacity to provide for a smooth and successful on boarding process.
Succession Planning for Family Businesses
Succession-planning procrastination is a common issue I see in family-owned businesses. Philly.com recently published results from a recent survey of 100 privately held businesses in the Philadelphia region, including South Jersey and northern Delaware, that found, “62 percent of senior-generation owners plan to retire or move out of their leadership positions in the next 10 years, while 65 percent of respondents said they did not have clear retirement plans.” In my consulting role, I help founders and owners address psychological barriers to succession planning, ensuring they plan properly and effectively for transitions, succession, or sale. I pay particular attention to the interpersonal family conflicts, assisting family members to have the critical and necessary conversations that for many reasons have been avoided.