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The Tar Heel Van
matters with them serves to make them feel part of the team. Please remember that the example you give
your children will likely b be the same manner and process with which they will handle your grandchildren.
The Communication Forum & Process
For those business owners who struggle with the idea of sharing extremely private information with their
adult children, feel depressed at the thought of beginning to plan for their own succession or, as some see it,
their own funerals, and those who become angry and depressed as they work with the succession processes
that is all about sharing information, we suggest the following steps to ease the way:
1. Hold one-on-one counseling sessions with advisers who will allow owners to work their way
through these difficult emotional issues.
2. Talk with other respected business owners who have already gone through successful succession of
their firms. Creating such a support system can be helpful.
3. Seek advisers who are familiar with organizing a family meeting, one that will allow the owner to
share his/her feelings about the challenge of "letting go."
4. With the advent of family meetings and the cooperation of family members, create the tradition of
change within the family's business and the family itself. By creating rituals dealing with transitions of
the family to mark passages of time and maturity, everyone will learn to honor the past and plan for
the future.
5. Once family meetings are organized and developed, make them a ritual or a yearly event that is de-
signed to recognize personal growth, business success, celebrate special events or goal achievements,
make major decisions that affect all family members, and to anticipate and direct major organizational
change and transitions.
We do not believe it is healthy for senior generation members to suffer through an extremely emotional
process without support, patience and understanding from members of the next generation. The suggestions
above are tried and true processes that have worked in the past to help others through various transitions
and they can work for you as well.
This article appeared in Mike Henning's Family Firm Advisor newsletter, for more information about receiving one free copy of our
newsletter, visit us at our web site:
www.mikehenning.com,
e-mail:
hfbc@mikehenning.com
. or call -- 217-342-3728. Mike
Henning is a nationally and internationally respected consultant and speaker on family business issues.
Article #207
Henning Family Business Center · 1006 N. Pembroke Ct., Effingham, IL 62401 · 217-342-3728
hfbc@mikehenning.comwwww.mikehenning.com