--- title: Enable Success (and Succession) for Your Family Business By Developing a Strategic Vision description: Prepare for the success of your family business by developing a company vision today! Learn more about vision and how it relates to succession planning. image: https://success.catalystleadershipdynamics.com/hubfs/Thoughtful%20businessman%20with%20gear%20mechanisms%20above%20his%20head.jpeg --- [![Catalyst Leadership Dynamics Logo](https://success.catalystleadershipdynamics.com/hs-fs/hubfs/Catalyst%20Leadership%20Dynamics/Logos/Catalyst%20logos/Catalyst-Main-Logo-with-Climber.png?width=600&height=88&name=Catalyst-Main-Logo-with-Climber.png "Catalyst Leadership Dynamics Logo")](https://offers.jeffrogerscoach.com/tips) Open main menu Close main menu [Business Tip Tuesday 🚀](https://success.catalystleadershipdynamics.com/tips/tag/business-tip-tuesday) [Change Management](https://success.catalystleadershipdynamics.com/tips/tag/change-management) [Leadership](https://success.catalystleadershipdynamics.com/tips/tag/leadership) # Enable Success (and Succession) for Your Family Business By Developing a Strategic Vision ![Jeff Rogers, CPMBC](https://success.catalystleadershipdynamics.com/hs-fs/hubfs/Jeff-Rogers-Bio-Pic-IMG_0064-062019-scaled-1.jpeg?width=45&name=Jeff-Rogers-Bio-Pic-IMG_0064-062019-scaled-1.jpeg) [Jeff Rogers, CPMBC](https://success.catalystleadershipdynamics.com/tips/author/jeffrey-a-rogers) [Share this blog post on Twitter](https://twitter.com/intent/tweet?text=I+found+this+interesting+blog+post&url=https://success.catalystleadershipdynamics.com/tips/developing-a-strategic-vision-for-your-family-business-to-enable-success-and-succession-entails) [Share this blog post on Facebook](http://www.facebook.com/share.php?u=https://success.catalystleadershipdynamics.com/tips/developing-a-strategic-vision-for-your-family-business-to-enable-success-and-succession-entails) [Share this blog post on LinkedIn](http://www.linkedin.com/shareArticle?mini=true&url=https://success.catalystleadershipdynamics.com/tips/developing-a-strategic-vision-for-your-family-business-to-enable-success-and-succession-entails) ![Developing a Strategic Vision for Your Family Business to Enable Success (and Succession) entails](https://success.catalystleadershipdynamics.com/hubfs/Thoughtful%20businessman%20with%20gear%20mechanisms%20above%20his%20head.jpeg) Formulating a [strategic vision](https://success.catalystleadershipdynamics.com/blog/a-companys-strategic-vision-describes-what) for your family business involves creating a vivid depiction of your envisioned future. In essence, having a vision means possessing the capability to contemplate, visualize, and strategize for the future you aspire to reach. A life vision, on the other hand, is akin to a vivid portrait of the ideal life you wish to experience, not just occasionally, but each and every day. ``` vi·sion/ˈviZHən/noun1. The Ability to think about or plan the future with imagination or wisdom. ``` This ability to strategize for the future, using imagination and wisdom, is what constitutes the core of vision development.  But what are the main elements of a vision? Research on visionary leadership suggests that visions have five characteristics: **a picture, a change, values, a map, and a challenge** *(Nanus, 1992; Zaccaro & Banks, 2001).* ## How Strategic Vision Guides Your Family Business It is evident that applying a clear vision to personal, professional, and organizational assignments is of great value. However, many fail to proactively align themselves with this vision and end up wandering aimlessly in a desert of doom. To achieve success, it is vital to work towards alignment from the outset. Being a [visionary leader](https://success.catalystleadershipdynamics.com/personal-talent-properly-applied-is-impactful-lp-0-0-0) holds immense value, especially in small or family businesses. However, it's important to distinguish between a visionary leader and a head-in-the-clouds dreamer. Balancing the art and science of leadership requires skill, both personally and professionally, and it's a complex process that many choose not to undertake. [![Download NOW  Leadership Deliverables that Matter e-book a free guide from JRCI](https://no-cache.hubspot.com/cta/default/7501201/eac0d488-c0cc-421f-abbf-fb42a9f051af.png)](https://cta-redirect.hubspot.com/cta/redirect/7501201/eac0d488-c0cc-421f-abbf-fb42a9f051af) A visionary leader is like a pilot in a helicopter, hovering above the chaos and distractions of daily life, with a clear view of the bigger picture. They have the courage to stand alone if necessary, and the integrity to engage with others authentically. They reflect on their strengths and weaknesses and use their vision to guide them towards success. One of the significant advantages of having a clear vision is the ability to identify hidden trends that surround us. This is crucial for success, and it helps one to stay ahead of the game. So, take time to discover the hidden trends and use them to your advantage. You will go nowhere if you cannot clearly envision where you want to go. That simple. Distraction abounds around us – focusing on vision is your friend. ## The Family Business Succession Process Like anything, everything has a process. Succession requires excellent strategic planning, disciplined implementation, sound reporting management, and great care. Add to this family, and matters become more complicated. Everyone must focus on the ball and, most importantly, care about the outcome. There are several high-priority items to consider and manage while developing a sound family business succession plan. Change is often difficult for any enterprise, and internal and external forces can complicate family enterprises. Succession is complex at the G3 level as outside parties of influence become magnified and more diverse. [![Score.com](https://success.catalystleadershipdynamics.com/hs-fs/hubfs/Screen%20Shot%202023-06-27%20at%2009.44.30.png?width=622&height=113&name=Screen%20Shot%202023-06-27%20at%2009.44.30.png)](https://www.score.org/resource/eguide/small-business-owner%E2%80%99s-guide-succession-planning?gclid=CjwKCAjwkeqkBhAnEiwA5U-uM5iOZMscPWa_f3uCvV5M20fGw67S_P6njE5AWuLEDxTYUBsIUZVfXRoCJqIQAvD_BwE) The statistics tell the story. The mantra is to be prepared and work to earn succession success. Many struggle with change, family and non-family members alike. Success is found by assembling all stakeholders and getting them on the same page. Collaborating and driving the mission together will enhance teamwork. Unified by a shared strategic vision, there is a far more significant percentage for success. Trust is required and must be earned by all. Missteps here can lead to failure. Earning commitment is necessary for succession to work. The entire team must be on board. This can be a difficult time for many family organizations. Not every team member will make this journey. They may begin the motions, but in the end, they may not be committed to the organization's next phase. That is okay; no square pegs in round holes on this one. Here is a valuable process to consider in family business succession. ### JRCI 6-Step Succession Process For Family Business  | **1.** | **Formulate and share a viable vision** of the future in which the founder is no longer in charge of the organization. | | --- | --- | | **2.** | Select and **train the founder's successor as well as the future top management** team. | | **3.** | Design a **process for power to be transferred** from the current generation of management to the next. | | **4.** | **Develop an estate plan** that specifies how family assets and ownership of the enterprise will be allocated among the founder's heirs. | | **5.** | Design and **staff the structure required to manage the change**, including a family council, a management task force, and a board of directors. | | **6.** | **Educate the family** to understand the rights and responsibilities that come with the various roles they may assume. | If the planning process outlined is insufficient, additional considerations for success exist. Below are a few to consider to get the ball rolling. #### Understanding cultural heritage - - Where are you doing business physically? - What are the cultural family values? - Are these values transferable? #### Family wants & desires - - Balance of family interest & business dimension - Depth of financial pockets vs. warmth of hearts and acceptance #### Availability of talent - - Figuring out if inside or outside talent is best - A blending of non-family and family members - An additional team with new skills is required for success Similar to most processes, there are phases to be aware of. Here are the basics to reference what stage you may be considering or are currently in. It is not easy to get yourself geared up for the change and succession that will take place, and the entire team must get on board and be willing to make succession a reality.  Consider the following: **JRCI Phases of Family Succession** | **Pre-succession phase** Preparation takes place Planning & grooming occur | | --- | | **Engaged Phase** Change occurs: old truths lose validity People seek new truths commitment develops | | **Post-succession phase** Balance of transition happen Has an effect on how people react Organization performs |   #### **The Pre-Family Succession Phase Detailed** - Preparation is key…. Eventually, things will become "Engaged." - More family members are trained and informed about how to do things - Discuss early (4-5 years?) in advance - Understand when succession is triggered – not just planned events - Understand family responsibilities (competent leaders, develop structures & processes, legitimized power) & family values (constitution stuff) - Nurture a culture of succession for all promising executives (workshops, responsibilities) - Develop leadership qualities & performance skills - Have worked with others in the organization to see passion, conflict, and challenges - Involve board early on – helps remove drama ####  **Presently Engaged-in Family Succession Phase Detail** - Clients express concerns - Banks suggest more directors - Non-family members are concerned about their careers - The challenge lies in the process - Experts, self-interest, loss of focus, leadership styles #### **Post-Succession Phase Detail** - Relating people to one another - Realignment of interests, demands, and priorities - Implementation and acceptance of new ideas - "They don't realize that, particularly after they are formally anointed as CEOs, they must establish their credibility with and authority over these spheres of influence." - "They must cope with family members, especially siblings, and cousins whose support may be vital to control the enterprise, as well as manage several other constituencies." ## A Successful Succession Depends on Having a Plan To wing succession is to fail before the start. Building the correct team to assist the process is the key to success—trust matters deeply. Build a team you trust and a team that has you as the priority. Establishing a strong framework for family business succession planning is crucial for success. This process requires a strategic approach and expert guidance to navigate the complexities involved. A trusted BAIL team, consisting of a Banker, Accountant, Insurance Agent, Lawyer, as well as a business coach, can help keep the momentum going and support the culture. Going it alone would be unwise, but with the right team, success is achievable. [![Become a more adaptable leader](https://no-cache.hubspot.com/cta/default/7501201/5bf328b5-da8c-47f1-bc54-38942b633234.png)](https://cta-redirect.hubspot.com/cta/redirect/7501201/5bf328b5-da8c-47f1-bc54-38942b633234) ![Jeff Rogers, CPMBC](https://success.catalystleadershipdynamics.com/hs-fs/hubfs/Jeff-Rogers-Bio-Pic-IMG_0064-062019-scaled-1.jpeg?width=150&name=Jeff-Rogers-Bio-Pic-IMG_0064-062019-scaled-1.jpeg) #### Jeff Rogers, CPMBC [Follow me on my website](https://www.jeffrogerscoach.com/about-jeffrey-a-rogers/) [Follow me on Facebook](https://www.facebook.com/JeffRogersCoach) [Follow me on LinkedIn](https://www.linkedin.com/in/jeffrogerscoach/) [Follow me on Twitter](https://twitter.com/coachjeffrogers) Jeff Rogers an accomplished Executive Business Coach, Entrepreneur, Adjunct Professor, and Professional Trainer that builds & empowers successful and emerging business leaders. [Learn more about Jeff.](https://www.jeffrogerscoach.com/about) ## Related Articles [![Teaching a younger family member about the business](https://success.catalystleadershipdynamics.com/hubfs/happy%20family%20at%20home%20portrait%20smiling.jpeg)](https://success.catalystleadershipdynamics.com/tips/transferring-ownership-of-your-family-business-the-key-to-success-and-sustainability-0) [Business Tip Tuesday 🚀](https://success.catalystleadershipdynamics.com/tips/tag/business-tip-tuesday) [Change Management](https://success.catalystleadershipdynamics.com/tips/tag/change-management) [Leadership](https://success.catalystleadershipdynamics.com/tips/tag/leadership) [Vision](https://success.catalystleadershipdynamics.com/tips/tag/vision) ### [Transferring Ownership of Your Family Business: The Key to Success and Sustainability](https://success.catalystleadershipdynamics.com/tips/transferring-ownership-of-your-family-business-the-key-to-success-and-sustainability-0) Let's start with one very important thought that everyone leading a family business should consider: > ### *"Transferring ownership of a small family business requires [...](https://success.catalystleadershipdynamics.com/tips/the-power-of-strategic-vision-a-guide-for-executive-leaders)* ![Jeff Rogers, CPMBC](https://success.catalystleadershipdynamics.com/hs-fs/hubfs/Jeff-Rogers-Bio-Pic-IMG_0064-062019-scaled-1.jpeg?width=45&name=Jeff-Rogers-Bio-Pic-IMG_0064-062019-scaled-1.jpeg) [Jeff Rogers, CPMBC](https://success.catalystleadershipdynamics.com/tips/author/jeffrey-a-rogers) [Read More](https://success.catalystleadershipdynamics.com/tips/transferring-ownership-of-your-family-business-the-key-to-success-and-sustainability-0) [![your company's strategic vision describes what? think about it.](https://success.catalystleadershipdynamics.com/hubfs/Close%20up%20of%20man%20eye%20with%20digital%20icons.jpeg)](https://success.catalystleadershipdynamics.com/tips/crafting-a-strategic-vision-for-business-success) [Business Tip Tuesday 🚀](https://success.catalystleadershipdynamics.com/tips/tag/business-tip-tuesday) [Collaboration](https://success.catalystleadershipdynamics.com/tips/tag/collaboration) [Emerging Leadership](https://success.catalystleadershipdynamics.com/tips/tag/emerging-leadership) [Leadership](https://success.catalystleadershipdynamics.com/tips/tag/leadership) [Vision](https://success.catalystleadershipdynamics.com/tips/tag/vision) ### [Crafting a Strategic Vision for Business Success](https://success.catalystleadershipdynamics.com/tips/crafting-a-strategic-vision-for-business-success) Without Vision, I believe humans are left blowing aimlessly in the wind—rudderless in turbulent water. That being said, a company’s strategic vision describes what?... ![Jeff Rogers, CPMBC](https://success.catalystleadershipdynamics.com/hs-fs/hubfs/Jeff-Rogers-Bio-Pic-IMG_0064-062019-scaled-1.jpeg?width=45&name=Jeff-Rogers-Bio-Pic-IMG_0064-062019-scaled-1.jpeg) [Jeff Rogers, CPMBC](https://success.catalystleadershipdynamics.com/tips/author/jeffrey-a-rogers) [Read More](https://success.catalystleadershipdynamics.com/tips/crafting-a-strategic-vision-for-business-success) #### About - Menu Item One - Menu Item Two - Menu Item Three #### Services - Menu Item One - Menu Item Two - Menu Item Three #### News - Menu Item One - Menu Item Two - Menu Item Three Follow us on Facebook Follow us on LinkedIn Follow us on Twitter Follow us on Instagram ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Jeff Rogers, CPMBC", "url" : "https://success.catalystleadershipdynamics.com/tips/author/jeffrey-a-rogers" }, "dateModified" : "2023-06-27T15:59:30.712Z", "datePublished" : "2023-06-27T14:08:51.000Z", "headline" : "Enable Success (and Succession) for Your Family Business By Developing a Strategic Vision", "image" : [ "https://success.catalystleadershipdynamics.com/hubfs/Thoughtful%20businessman%20with%20gear%20mechanisms%20above%20his%20head.jpeg" ], "mainEntityOfPage" : { "@id" : "https://success.catalystleadershipdynamics.com/tips/developing-a-strategic-vision-for-your-family-business-to-enable-success-and-succession-entails", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://success.catalystleadershipdynamics.com/hubfs/Catalyst%20Leadership%20Dynamics/Logos/Catalyst%20logos/Catalyst-Main-Logo-with-Climber.png" }, "name" : "Catalyst Leadership Dynamics" } } ```