One of the most difficult issues facing family businesses in Asia and around the world is succession planning. A suitable process for addressing succession planning is critical for family businesses that want to continue to thrive for generations to come. Conflict in a family firm is inevitable and it can’t be avoided but it can be managed. Conflict is often emotional in nature and cannot be avoided by a purely structural approach. This course describes a step by step process that business owning families can follow to improve trust & communication, strengthen their governance, address succession, and create options for managing family firm conflicts.
Highlights of the course include:
- How are family businesses different?
- The three-circle model of family businesses
- Other tools & models for family businesses
- Assessing the family system
- Building the foundation of family governance
- The family meeting & family council & family elders
- Family policies and family constitutions
- The importance of having an exit mechanism
- The corporate board as a balancing point
- The process for successor selection
- Improving communication
- Improving trust & dealing with break downs in trust
- Conflict in family firms
- Case studies & discussion
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