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I have written much about the advice I give family business owners as they seek to transition their business to the next generation. Often, the focus is on the process surrounding the business founder’s decision on picking their next successor and the response of their family to these choices.
But transitions aren’t successful the moment the leader concludes, closes their laptop and hits the beach. What comes after ultimately decides the fate of the business. The new leader — be it a family member or an outsider — may have been given the blessing of their predecessor, but to truly lead, they must first earn the trust of the team. Legacy employees — many of whom may have known the new family leader since he or she was a child — are often reluctant to have blind faith and trust in them. The same goes for newer staff members who may have little to no connection to the new leader. Trust is earned, not given.
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