Call them changemakers. Call them rule breakers. We call them Redefiners. And in this provocative podcast, we explore how daring leaders from across industries and around the globe are redefining their organizations—and themselves—to create extraordinary impact in today’s rapidly changing world. In each episode, Russell Reynolds Associates Leadership Advisor Hoda Tahoun and former CEO Clarke Murphy host engaging, purposeful conversations with leaders in and out of the business world who shar ...
…
continue reading
Content provided by Chris LoCurto. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Chris LoCurto or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://staging.podcastplayer.com/legal.
Player FM - Podcast App
Go offline with the Player FM app!
Go offline with the Player FM app!
571 | Second-Generation Transitions in Small Business: The Dos and Don'ts for Founders
MP3•Episode home
Manage episode 414132800 series 93116
Content provided by Chris LoCurto. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Chris LoCurto or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://staging.podcastplayer.com/legal.
Hey folks, welcome back to the Chris LoCurto Show! I hope you're having an amazing day wherever you are. Before we dive into today's episode, I wanna chat about something that's a game-changer for leaders - Fake Delegation.
You know the drill, you think you're delegating, but end up micromanaging or taking tasks back. It's frustrating, right? That’s why we created "Five Ways You Fake Delegate." It’s based on our combined experiences and is designed to help you navigate those delegation missteps.
Grab it now; it’s free and could transform the way you lead.
Alright, let’s get into it! Today we’re kicking off part one of our series on transitioning a family business to the next generation. This is a huge topic, and it's going to be a two-parter because there's so much to cover.
If you're thinking about passing your business on to your children or other family members, this is the episode for you. We're diving into the do's and don'ts for founders in this crucial succession planning.
Key Points from Today’s Episode:
And as always, if you have any questions or need advice, reach out to us at [email protected].
Thanks for joining us today. Take this information, change your leadership, change your business, change your life, and change the legacy of your family's life.
Part two is out already, click here to listen!
Want to fine-tune those delegation skills? Check out our free e-book: 5 Ways You Fake Delegate: And How to Do It For Real
…
continue reading
You know the drill, you think you're delegating, but end up micromanaging or taking tasks back. It's frustrating, right? That’s why we created "Five Ways You Fake Delegate." It’s based on our combined experiences and is designed to help you navigate those delegation missteps.
Grab it now; it’s free and could transform the way you lead.
Alright, let’s get into it! Today we’re kicking off part one of our series on transitioning a family business to the next generation. This is a huge topic, and it's going to be a two-parter because there's so much to cover.
If you're thinking about passing your business on to your children or other family members, this is the episode for you. We're diving into the do's and don'ts for founders in this crucial succession planning.
Key Points from Today’s Episode:
- Create a Formalized Transition Plan
- Structure a roadmap with clear steps, expectations, and timelines.
- Think of it as a strategy with specific destinations and how to reach them.
- Evaluate the Business
- Determine the value of your business and consider professional valuation.
- Plan how the payment will be handled without relying on debt.
- Align Vision and Goals
- Discuss and align on the future vision and goals with the next gen owner.
- Ensure both parties are on the same page to avoid conflicts.
- Establish a Succession Plan
- Plan the transition of roles and responsibilities.
- Properly delegate tasks and ensure the next gen owner is ready to take over.
- Develop a Communication Strategy
- Communicate effectively with your team about the transition.
- Reduce fear and uncertainty by keeping everyone informed.
- Update Legal Documentation and Agreements
- Review and update all legal documents to reflect the new ownership.
- Ensure all agreements are clear and current.
- Invest Time in Training
- Train the next gen owner on leadership, financial management, and operational procedures.
- Consider personality styles and tailor the training accordingly.
- Focus on Mentorship
- Provide ongoing mentorship to the next gen owner and the leadership team.
- Get outside perspectives and professional training if necessary.
- Preserve and Nurture the Family Legacy
- Pass down the values, traditions, mission, and purpose alongside the business.
- Ensure the next gen owner understands and continues the legacy.
And as always, if you have any questions or need advice, reach out to us at [email protected].
Thanks for joining us today. Take this information, change your leadership, change your business, change your life, and change the legacy of your family's life.
Part two is out already, click here to listen!
Want to fine-tune those delegation skills? Check out our free e-book: 5 Ways You Fake Delegate: And How to Do It For Real
626 episodes
MP3•Episode home
Manage episode 414132800 series 93116
Content provided by Chris LoCurto. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Chris LoCurto or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://staging.podcastplayer.com/legal.
Hey folks, welcome back to the Chris LoCurto Show! I hope you're having an amazing day wherever you are. Before we dive into today's episode, I wanna chat about something that's a game-changer for leaders - Fake Delegation.
You know the drill, you think you're delegating, but end up micromanaging or taking tasks back. It's frustrating, right? That’s why we created "Five Ways You Fake Delegate." It’s based on our combined experiences and is designed to help you navigate those delegation missteps.
Grab it now; it’s free and could transform the way you lead.
Alright, let’s get into it! Today we’re kicking off part one of our series on transitioning a family business to the next generation. This is a huge topic, and it's going to be a two-parter because there's so much to cover.
If you're thinking about passing your business on to your children or other family members, this is the episode for you. We're diving into the do's and don'ts for founders in this crucial succession planning.
Key Points from Today’s Episode:
And as always, if you have any questions or need advice, reach out to us at [email protected].
Thanks for joining us today. Take this information, change your leadership, change your business, change your life, and change the legacy of your family's life.
Part two is out already, click here to listen!
Want to fine-tune those delegation skills? Check out our free e-book: 5 Ways You Fake Delegate: And How to Do It For Real
…
continue reading
You know the drill, you think you're delegating, but end up micromanaging or taking tasks back. It's frustrating, right? That’s why we created "Five Ways You Fake Delegate." It’s based on our combined experiences and is designed to help you navigate those delegation missteps.
Grab it now; it’s free and could transform the way you lead.
Alright, let’s get into it! Today we’re kicking off part one of our series on transitioning a family business to the next generation. This is a huge topic, and it's going to be a two-parter because there's so much to cover.
If you're thinking about passing your business on to your children or other family members, this is the episode for you. We're diving into the do's and don'ts for founders in this crucial succession planning.
Key Points from Today’s Episode:
- Create a Formalized Transition Plan
- Structure a roadmap with clear steps, expectations, and timelines.
- Think of it as a strategy with specific destinations and how to reach them.
- Evaluate the Business
- Determine the value of your business and consider professional valuation.
- Plan how the payment will be handled without relying on debt.
- Align Vision and Goals
- Discuss and align on the future vision and goals with the next gen owner.
- Ensure both parties are on the same page to avoid conflicts.
- Establish a Succession Plan
- Plan the transition of roles and responsibilities.
- Properly delegate tasks and ensure the next gen owner is ready to take over.
- Develop a Communication Strategy
- Communicate effectively with your team about the transition.
- Reduce fear and uncertainty by keeping everyone informed.
- Update Legal Documentation and Agreements
- Review and update all legal documents to reflect the new ownership.
- Ensure all agreements are clear and current.
- Invest Time in Training
- Train the next gen owner on leadership, financial management, and operational procedures.
- Consider personality styles and tailor the training accordingly.
- Focus on Mentorship
- Provide ongoing mentorship to the next gen owner and the leadership team.
- Get outside perspectives and professional training if necessary.
- Preserve and Nurture the Family Legacy
- Pass down the values, traditions, mission, and purpose alongside the business.
- Ensure the next gen owner understands and continues the legacy.
And as always, if you have any questions or need advice, reach out to us at [email protected].
Thanks for joining us today. Take this information, change your leadership, change your business, change your life, and change the legacy of your family's life.
Part two is out already, click here to listen!
Want to fine-tune those delegation skills? Check out our free e-book: 5 Ways You Fake Delegate: And How to Do It For Real
626 episodes
All episodes
×Welcome to Player FM!
Player FM is scanning the web for high-quality podcasts for you to enjoy right now. It's the best podcast app and works on Android, iPhone, and the web. Signup to sync subscriptions across devices.