Joining Jonathan Goldhill in this episode of the Disruptive Successor Podcast is Dr. Jeremy Lurey, President & CEO of Plus Delta Consulting. There is a lot of confusion on the significance and purpose of succession in family businesses. Dr. Jeremy Lurey details the 5 stages of succession planning and how this secures not just the legacy of the earlier generation, but the success of the succeeding generation as well. He also stresses the importance of next generation leaders to step up to be recognized for the roles that they will soon occupy. However, Dr. Lurey also says that there are simply times when the wisest decision may not be to transition after all.
HIGHLIGHTS
03:35 Stage 1 of succession planning: Initial Planning
06:11 Stage 2: Leadership coaching of the next generation
09:11 Stage 3: Transition planning
11:38 Stage 4: Post-transition
14:09 Stage 5: Purchase and sale
16:28 Common challenges and letting the next generation take on bigger roles
24:36 Realizing when it's better to sell than transition
27:37 Disruptors: Innovation in product and leadership
36:01 Be kind to creating better results in Covid conditions
41:03 Connect with Jeremy
QUOTES
11:18 "On one end of the spectrum, folks won't let go because they don't think anyone can do it. On the other hand, they let go and say, Jonathan, why haven't you figured this out yet?"
17:28 "Part of the challenge is just helping that leader in transition come to terms with what's happening and then sharing a process."
19:31 "How do we drive innovation through this process? Not how do we repeat the past."
21:23 "Until you really step up as business partners and thought leaders and drive strategy for the company, it's really easy for you to think of you as the kids or the not-quite-good-enoughs to run the company."
34:42 "What do we want to continue doing? We're already getting positive results. What do we want to start doing now that we have that foundation and success. What do we want to stop doing?"
To learn more about Dr. Jeremy Lurey, you can check out the links below.
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