| Business Transition July 10th, 2022 by Bill Boyajian |
When an owner is in the midst of transitioning a business to the next generation, conflict often arises during the process. It’s not so much that disagreements abound in “what” is to be done regarding decisions in the business, but in “how” those decisions are to be carried out. Senior leaders need to focus on what needs to be done and on the desired results instead of exactly how those results are achieved. In other words, owners need to pass on the ability to lead, not insist on the exact “way” to lead. Styles often differ between generations because of the differences in experience between the two, or because of the difference in perspectives of the “right” way to do things in present times. The key to all this is maintaining good relationships and mutual respect. The older generation needs to feel respected by the younger generation because of what they have accomplished over the years, and the younger generation needs to gain the trust and respect of the older generation by showing a good work ethic and by demonstrating the skills necessary to take over. When the process of transition works well, it is magical. When problems arise, it can cause defensiveness, alienation, arguments, and deep hurt and disappointment. It is the role of the senior generation to learn to let go and to keep the family together. It takes courage and wisdom to do so. If you need help in this area, buy my book on Family Business Succession Planning, or give me a call.  Tags: Ability, Accomplish, Achieve, Advice, Alienation, Arguments, Business, Business Development, Business Tips, Conflict, Courage, Decision, Defensiveness, Disagreements, Disappointment, Family, Hurt, Leader, Leadership Excellence, Next Generation, owner, Personal Development, Problems, Relationships, Respect, Results, Role, Success, The Mind of a Leader, Transition, Trust, Wisdom, Work Ethic |
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“I needed help orchestrating a succession plan for our business. I had heard that Bill Boyajian specialized in assisting owners to transition their business to the next generation. He knows how to bridge the generation gap and deliver what each needs to hear. I would recommend Bill to any business owner who needs advice on succession planning from a trusted outside professional.”
–Charles Denaburg,
Managing Partner,
Levy’s Fine Jewelry
Birmingham, AL
"Our family needed some guidance on business transition and succession planning. We asked Bill Boyajian to help us because we knew we could trust him to tell us what we needed to hear. Bill became a valuable resource for our company and our entire family. He has the ability to meet each of us where we’re at and it has served us very well."
–Ceylon Leitzel
Leitzel Fine Jewelry
Hershey & Myerstown, PA
“We needed a plan to transition our business to a non-family member and we asked Bill Boyajian to help us. His experience in the area has really paid off, but we didn’t expect the added value of putting us together with a financial planner who helped organize our retirement needs. We now have the fundamentals to transition our business successfully, and we have Bill to thank for it.”
–Ernie & Debbie Cummings
Kizer-Cummings Jewelers
Lawrence, KS
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