Nearly every CEO of a family business develops a member of the next generation of the family to be the next CEO. But very few develop that next generation to be effective owners and board members. This is a critical oversight and makes the generational transition process more risky.
Families that do take the time and effort to develop and unify the next generation of ownership end up positioning the family business for ongoing success. This reduces the risk of infighting that can disrupt relationships or even result in lawsuits between family members. Estate planning is also easier for the current generation when all members of the next generation know what’s required to be an effective owner and board member.
This program helps develop the next generation of family members to be effective owners and board members.
The program runs for five years and involves a quarterly meeting at The Knight Center on the Washington University campus for the next-generation family members and at least one member of the current generation.
The program involves:
- 20 modules, one per quarter for five years
- a four-hour meeting that includes input from experts, discussions with other family business owners and your own family
- pre-work and follow-up after the meeting
This program is led and staffed by a multi-disciplinary team, involving the same disciplines that are key to an effective generational transition:
- CMA – people and talent experts
- BKD – accounting, financial and tax experts
- Bryan Cave – legal experts
- First Bank – banking and trust experts
- JW Terrill – insurance experts
For more information or to see if this program could help you, contact Dan Bean.
Partner, Current Owner