How to Prepare Your Family Business for the Unexpected
Navigating the future of a family business can be daunting. However, with strategic planning and guidance, you can set a clear path forward for your business, securing its success for generations. In this blog, we will delve into the key elements of ensuring your family business thrives, from relieving day-to-day operational burdens to fostering leadership within the next generation.
1. Discovery & Way Forward Program:
The first step in preparing your family business for the unexpected is clearly understanding its current state. The 'Discovery & Way Forward program provides a comprehensive view of your business, identifies opportunities, and pinpoints potential challenges. You can gather valuable insights through confidential, one-on-one discovery interviews with family members, key advisors, and employees. This program also includes a review of the family, business, and ownership systems, along with information analysis and theme development. At the end of the program, you receive a tailored 'Way Forward' recommendations report, providing your family with a clear path to follow.
2. Future Ready Business Program
To establish a strong foundation for growth and transition, it's crucial to strengthen your family and leadership team. The 'Future Ready Business program is a year-long initiative to develop capacity and capabilities. This program helps leaders shift from a reactive approach to a more strategic mindset. It includes a current-state assessment, Listen & Learn Observation, One-on-One Thinking Partner Sessions with the President/CEO, and a LeadershipSTAGES Assessment for the senior leadership team. Additionally, quarterly Think Tank Strategy Workshops, Strength Zone Discovery, and Executive Leadership Mindset Training enhance leadership skills. The program also offers facilitated meetings with family members working in the business and provides one-year access to an online Leadership Resource Library.
3. NextGen Fit & Focus Program:
The next generation of leaders in your family business plays a crucial role in its continuity and growth. The 'NextGen Fit & Focus' program helps the rising generation discover their fit in the business and prepares them for their future roles. This eight-month program addresses critical questions about their skills, desires, and aspirations. It includes a Successfinder Assessment to identify strengths and areas for development, One-on-One Thinking Partner Sessions, and a 10-Year Vision Exercise. The program also provides a Role Playbook to clarify their roles and responsibilities within the family business. Furthermore, a customized Growth Plan, Foundational Leadership Mindset Training, and one-year access to an online Leadership Resource Library equip the next generation with the necessary skills for success.
Proactively preparing your family business for the unexpected is crucial for long-term survival. By developing a business continuity plan, diversifying revenue streams, building a strong financial foundation, investing in technology, and seeking professional guidance, you can protect your business from unforeseen events. At Golden Lasso, we specialize in helping family businesses navigate through challenges and build resilience. Get in touch with us today! To learn more about the services we offer, please click here. To contact us, please click here or call us at (905) 631-5275.