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Founded by two next- generation entrepreneurs from European business families, Trusted Family leverages a decade of industry expertise to help multi-generational family…

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March 1, 2024

Future-Proofing Families: Steering Succession with Governance Technology

We can no longer deny the transformative power of technology in the realm of family business succession planning. In today’s rapidly evolving digital landscape, the impending transfer of leadership to a tech-savvy generation underscores the importance of embracing innovative solutions.

Preparing for the future is often likened to navigating uncharted waters, particularly when it comes to succession planning in family businesses. The uncertainty surrounding who will helm the ship in the next generation necessitates a flexible strategy geared towards ensuring the longevity of the business, regardless of who may step into leadership roles.

As Stephen Drotter, co-founder and chairman of The Leadership Pipeline Institute and author of several books, including The Succession Pipeline, states 

“Family businesses should not fall into the trap of prioritising job creation for their children. Instead, more emphasis needs to be placed on perpetuating the business.”

Family businesses are often run by one owner who has a comprehensive grasp of the workings of that business. This knowledge often isn’t effectively shared with current employees let alone future ones. Governance software can be an invaluable tool for ensuring a wide base of knowledge is efficiently distributed, as well as providing a clear indication of what level of awareness decision-makers hold.

Does everyone read the annual report? Dividend notices?

Do board members read minutes and news bulletins to remain up to date with company manoeuvres?

Are the relevant people attending the necessary events?

These insights can help to identify gaps in information vital for informed decision-making as well as monitor user engagement and ensure a well informed, well planned succession transition one day in the future. With a mobile and tech-savvy generation in the running for succession, this concept is easier to engage than ever—so long as your technology keeps pace with their progress.

In today’s landscape, characterised by a mobile and tech-savvy generation poised to inherit the reins, the adoption of governance software becomes even more imperative. The next generation craves modernity and efficiency, eschewing antiquated processes in favour of companies that embrace technological advancements and prioritise accessibility to resources. They want to work for companies that understand the importance of keeping up with the times and having everything they need to do their jobs at their fingertips. It’s key that insights and knowledge are adequately communicated and shared with the next generation. Informational walls can build up knowingly or unknowingly, and the right governance software and expertise can prevent this.

The most successful family business to pass on is one that thrives in the present while envisioning the future. A forward-thinking approach is essential for ensuring a smooth succession transition. As business landscape continues to evolve, embracing innovation and leveraging cutting-edge solutions like governance software are integral to laying the groundwork for future generations.

For family businesses seeking a reliable partner for succession planning, Trusted Family offers a secure platform tailored to your unique needs. Schedule a call with us today to learn more about how our expertise and technology can empower your business for the future.