Legacy in Motion. It’s not inherited. It’s practiced.
In this series, I explore how many family business complexities become simpler when the family intentionally builds one essential capability - individually and together. Here it is ....
Structured, Courageous Conversations. One meeting at a time.
Do these conversations occur regularly in your family business? How do you know for sure? Do other members of your family also believe this? Have you asked them recently? What’s stopping you from asking them?
An alarming stat tells me these types of conversations ARE NOT happening.
76% of small and medium business owners are set to exit their business over the next 10 years. Fewer than 10% have any plan whatsoever.
(CFIB “Succession Tsunami: Preparing for a decade of small business transitions in Canada. January 2023).
In the previous article, we discussed the human capacity-building blocks required to hold intentional conversations. These are the very capacities that many say are declining among our families, organizations and communities. These declines are amping up social anxiety and isolation, polarization (political or otherwise) and a “ME vs WE” mindset and culture.
Th crisis facing solid small businesses is only now being discussed with urgency. Many family businesses with long established roots in the communities they serve are selling to owners outside of the community or simply closing. Ownership Matters! It’s my mission to change this – one meeting at a time.
Legacy in Motion Process
Holding effective conversations and protecting and growing your business and legacy doesn’t happen by chance. It is a process and journey you choose to begin today.
The foundation: The human capacities …
Genuine dialogue - be curious, compassionate, honest, present with others
Reflection - be curious, compassionate, honest, present ... with YOURSELF
Putting people first - seek to understand, be open to inviting another perspective
Restraint – placing a pause between our thoughts, emotions and our actions when engaging with others – especially family members
If you feel you don’t have much time to practice these and/or are not comfortable doing so … have no fear, you are not alone
Reflection: What are your experiences of leading with curiosity and compassion … with others … with yourself? Does it feel uncomfortable to pause before responding to your thoughts and emotions (professionally and personally)? What habits have you built in these areas – which ones would you like to Start, Stop, Continue (please ask me about my SSC tool).
STEPS
Be aware of the systems you operate in. This is first step of ANY change
Discovery
Understand each member: Their strengths, opportunities, skills that energize, relationship with money, dreams and fears
Understand your business. What is the purpose & values that you are known for? What is its legacy you wish to protect, while you and your team innovates
Build upon what you are already doing. You just might be further along than you think!
Make structure and a bit of formality your friend. Make it yours, as every family business is unique.
Application: What will you and your team Start, Stop and Continue? How will you capture feedback and measure progress?
Adapted from the Three Circle Model: Renato Tagiuri and John Davis at Harvard Business School (HBS - 1978).
Step 1: Be aware of the systems you operate in.
When working with family businesses, I am surprised that many have never seen the above image. A model created in 1978!! It’s been widely written about and documented. Yet, many haven’t seen it or thought about the implications to their family business.
It is the movement among the circles that causes the major friction points. The sudden, unplanned, uncommunicated movements.
Place yourself and each member of your family business in one of the seven areas. Do you have ideas about a “future” state? Do each member?
Reflection: If you only have one take away from this, please draw out two sets of 3 circles in a Venn diagram like above. Label one as “Current” and another one as “Future”. Begin placing names from your system – including all family members and key leaders (family and non-family). I have a template for you to use, if you would like – just reach out using my contact form.
Reflection: Have a look at the steps above. Which step(s) might be easier for you and your family? Why? Which step(s) do you feel would be the most difficult? Why?
Step 1 Outcomes: Create Clarity and Build Capacity
Clarity: Clarity creates AGENCY. Clarity creates COURAGE. Clarity creates OPTION to build the FUTURE you want. Clarity reduces FEAR.
Your legacy. Your family’s legacy
Documented clear continuity plan for your business
Strong family relationships and continuing family traditions
Build Capacity - Individual and Collective
Confident, strong next gen leaders who are ready to honour the legacy of your business, while embracing innovation and all its opportunities
Hope, Efficacy, Resilience, Optimism (HERO) are skills to practice and reinforce to navigate complexity and uncertainty. Working on these skills will improve your team’s decision-making quality and confidence.
Structured, Courageous, Conversations that occur regularly
During the next article, we will continue working through the process and will circle back on the foundational work (step 1). Stay tuned!