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Myths and Mortals

Family Business Leadership and Succession Planning

Gebonden Engels 2015 9781118928967
Verkooppositie 7051
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Establish credibility as the new family business leader
Myths & Mortals, Family Business Leadership and Succession Planning provides insights and strategies for successors of family businesses. Successors often find themselves in the shadow of their parents making it difficult to establish credibility in the family business and tap into their own strengths. The stress of emulating a parent begins to clash with who they are and who they want to be as a leader.
Written by internationally known business strategist and succession planning expert Andrew Keyt, this guide shows you how to establish credibility, take your place at the head of the table, and run your business your way. In groundbreaking research, Keyt interviewed more than 25 successors of family business legends including Massimo Ferragamo, Bill Wrigley Jr., Christie Hefner, and John Tyson to find out how they overcame the challenges successors commonly face.The analysis from that study formed the basis for the strategies presented here to help you win the loyalty of those stuck in the old way of doing business, and still focused on their former leader′s vision. You′ll learn how to take charge without sacrificing your own leadership style, and how to get everyone on board with your vision for the business.
Growing up in the shadow of legendary family business leaders creates a unique challenge for successors to the leadership position. You cannot remove the emotional power of family dynamics from the business, but you can change how you choose to react to it. To be successful, you need to create a sense of identity and credibility, and step out of the shadows of your forbears. This guide provides strategies for doing just that, so you can take the reins and be the effective leader your business needs.

-Overcome the obstacles successors commonly face

-Win over those still loyal to their former leader

-Build your own credibility, separate from your parents

-Develop your own leadership style and do business your way

Credibility is elemental to business leadership, but establishing that credibility is the successor′s biggest challenge. Myths & Mortals, Family Business Leadership and Succession Planning helps you plan around the obstacles and avoid common missteps so you can lead more effectively right out of the gate.


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Preface xi
Acknowledgments xv
Prologue: Born in the Shadows
Grappling with the humanity of the hero xix
Born in the Shadows xx
Definition of the Myth xxii
A Journey to Generative Leadership xxii
I Am Not My Father (Differentiation) xxvi
It Takes a Personal Vision xxvii
Moving the Past into the Future xxviii

Chapter 1 Making of a Myth
How stories of heroism help and harm a successor 1
The Power of the Myth 2
The Good Story 3
The Bad Story 4
Understanding the Reality of the Myth 6
Origins of the Myth 7
Feeding the Myth 8
If It Makes You Happy 9
Keeping the Next Generation in the Shadows 11
Idealization of the Child 11
Parentification of the Child 13
Infantalization of the Successor 13
Idealization s Alter–Ego 14
Reality and True Truth 16

Chapter 2 Out of the Shadows
The journey of the successor to lead apart from the myth 19
Differentiation and the Life Cycle 22
Attending (0 to 18 months) 23
Power (18 to 36 Months) 23
Responsibility and Conscience (36 months to 5 years) 23
Competency and Latency (5 or 6 to 11 years) 24
Separation and Adolescence (12 to 23 years) 24
Early Adulthood (20s and 30s) 24
Overcoming the Successor s Curse 25
From Hero to Human: Deconstructing the Myth of the Founder 27
When Successors Chart Their Own Course 31
When Idealization Interferes 32
Shining the Light Inward 33
Asserting the Self in the Family Legacy 37

Chapter 3 You Gotta Earn It
Earning your way to the top 41
Your Own Way 43
Be Honest with Yourself 44
I Go Blind 46
How Parents Can Help 47
Building Belief in Others 48
Building Resiliency 49
Show Up for Work 52

Chapter 4 The Strength of Failure
Running the obstacle course of success 57
Developing Gut Instincts: Learning through Action 60
The Hard Road to Leadership 61
No Mistakes; Just Learning 62
Supporting Failure 65
Obstacle Courses 68
The Family Launching Pad: Go Out and Get It 69
The Shape of Success 69

Chapter 5 I Can See Clearly Now
The origins of a fresh vision for the family business 73
A Story for the Future: Mission, Vision, and Values 75
Respect the Past; Do What s Right for the Future 76
The Rudder of Conviction 78
Working through Personal Values 80
Family Planning 81
Mission 83
Back to the Future 84

Chapter 6 Nonstop Learning
Know your weakness and improve 89
Sustaining Credibility 91
Respectfully Pushing the Limits 93
Defining Success: Future Forward 94
Know Thy Motives 95
The Necessity of Continual Development 97
Disciple of the Disciplines 98
Staying Power 100

Chapter 7 Feed the Family
Caring for relationships, caring for the business 103
Dare to Be Different 105
Heart and Soul 107
Family Assets 110
How Competition Can Cripple 113
From the Founder to the Family 114
Next Generation 117

Chapter 8 Me versus We
Sharing the glory of the family business story 121
The I in the We 123
From Legendary to Ordinary 125
When the Magnetic Center Is Gone 126
Feels Like Family 127
More than Money 130
Dream Weaver 132
The Brick Wall 132
Re–Generation 133

Chapter 9 Decisions, Decisions
Decisiveness amidst ambiguity 135
The Great Differentiator 138
Cutting the Gordian Knot 139
One Decision after Another 141
Failure Makes the Business Hero 142
Trap of Perfectionism 143
Think and Do: The Decision–Making Process 145
Must–Have Courage 145
A Sense of Where You Are 147
Reorientation 148
The Orientation–Locked Family 149
A Decisive Workforce 150
Willing to Fail 151

Chapter 10 The Inner Light
A plan to illuminate a successor s path 153
The Need for a Personal Strategic Plan 154
A Plan to Differentiate 156
True North 158
Values 159
Mission 160
Action Plan 161
A Flexible Plan 162
Let There Be Love 163
Let There Be Light 164
Epilogue: Stepping out of the Shadows and into the Light of Your Leadership 167
Identifying the Myths 167
Self 168
Building Internal Credibility 169
Building External Credibility 170
Appendix A Research Note 173
Appendix B A Generative Retreat: 1/3 Activity (Body), 1/3 Reflection (Self), 1/3 Planning (Future) 175
About the Author 177
Index 179

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