KEY CONCERNS OF ELDER GENERATION CHIEF EXECUTIVE OFFICERS Financial Security - Business, spouse, family Identity; Activity; Reason to be; What does it all mean? Control of Family - Fear of conflict among family members –Fear Works Against Letting Go CHIEF EMOTIONAL OFFICERS Financial Security - Independence, burden, knowledge Spouse - Concern for and impact on her Family Conflict - Building unity, managing conflict Advocate for spouse (appreciation), for family, for legacy, for progeny
“I’M RETIRED MORE OR LESS...” Retirement Can Be A Dirty Word Survey of 3,860 Family Businesses Revealed CEO Retirement Plans: Never Retire10.8%Over 1/3 Will Semi-Retire23.3% Stay Involved 1-5 Years24.2%In Their 6-10 Years18.5%Businesses 11 or More23.2% Years American Family Business Survey 1995 Arthur Andersen, Loyola University Chicago, Kennesaw State University
WHAT FATHERS WOULD SAY TO SUCCESSORS “Try to have some compassion and understanding for the guy who’s foot is on your neck.” * * * “I’m trying to change my way of doing things. Old dogs may be able to learn some new tricks, but it is very difficult.” * * * “I’ve always been the solution. Now I feel like I’m the problem.” * * * “What I thought were answers are now all questions.” * * * “Who am I? What is the meaning of life? What is worthwhile? How can I be recognized and appreciated? I thought those questions were for teenagers. I now find that they are for me.”
COACHING TECHNIQUES FOR PARENTS When you see a problem, don't take steps to fix it. Wait for a private time and talk to the successor about it. Set regular meetings with your successor to discuss progress and problems. When the successor asks a question or shares a thought, respond only to the subject that has been raised. Don't dredge up other issues. Keep in mind that teachers--and great leaders-- are known more by the success of their followers than by what they do themselves.