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The official 'Rulebook' to successfully transfer power

Preparing the next generation of a company involves many moving parts, whether the company in question is a family-owned business being transitioned to a younger generation or a company in which a next-generation leader has been groomed for the top position for many years.

Ensuring that future leaders have the proper education and experience is critical. Making sure they understand the company’s markets and how they are impacted by shifting economic winds is key.

But there is another important element that only the CEO can ensure: allowing the new company leader to succeed. In other words, sharing the secret sauce that made the company successful up to this point.

One of the best practices to ensure this happens is creating a written “rulebook."

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generational success

7 Tips for Developing the Next Generation of Leaders

In a family business, bringing up the next generation of leaders can be difficult and a politically-charged endeavor. It’s crucial to get it right if you want your business to survive and grow successfully. To help ease the transition, we have compiled a list of seven tips for developing the next generation of leaders.

power transition

How to Prepare Yourself, Customers, and the Next Gen for a Business Transition

Transitioning power to next-generation leadership in a company is an imprecise process. It involves many actions over a period of time that are intangible, yet very real. “Power” is not a title or a corner office. It involves qualities like respect, authority, and influence. Power is about the relationships that can make or break a business – relationships with long-time employees, vendors, and customers.

Barnes podcast series

Episode 8: Next Generation of Leadership: Tips to Get Started

Director Mike Pappas discusses transitioning your business to the next generation. He provides valuable tips and shares his experiences with his clients on this transition. He will address the following:

  • Tips to getting the next-gen involved in the business from the start
  • Appropriate dialogue to have with your children
  • Letting go of the business and allow the next-gen to evolve

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Need Assistance?

Are you in need of taxation and/or accounting services? Our team of financial experts will assist your business in developing your financial health to ensure business success. We will contact you within 24 hours to get any necessary information needed to complete a proposal and provide the effective team and services to meet and exceed your expectations. Thank you for your interest in Barnes Wendling CPAs.

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