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We are what we repeatedly do.
Excellence then, is not an act,
but a habit." ~Aristotle
Helping you and your company achieve extraordinary results by building leadership and organization that can meet today's challenges and tomorrow's vision.
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© 2004 Bonni Carson DiMatteo. All rights reserved. Feel free to forward this in its entirety. However, if you copy, distribute, or use parts of this document, the author must be given full attribution.
| Family Business Corner: Succession in Family Firms: Opportunities and Challenges |
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by Bonni Carson DiMatteo, CMC © 2004
In the United States, 92% of all firms are family firms. In
the next five years, it is estimated that 47% will change
their top leadership. At this point, 45% have not chosen
a successor and lack a succession plan, while 65% do
not have a strategic plan. As the transition of
ownership is evolving, it is interesting to consider that
35% are considering co-CEOs, 34% are considering a
woman as the next CEO, and 20% do not have an
estate plan thereby "gifting" Uncle Sam with 55% of
company value. It may be time to voice some concerns.
What would happen if today's leader were hit by a car?
Could the next layer of leadership carve the road to
success in the family business?
Let's begin with a working definition of succession.
Succession: The act or process of one person's taking
the place of another in the enjoyment of or liability for
his (her) rights or duties or both (Webster). Our
definition of Succession is a process of transferring
leadership from one generation to the next after
focused grooming and leadership development. Note
that Success is the root word of succession. What
creates success? What evokes failure?
What are some of the roadblocks to succession? The
roadblock from both generations usually clusters around
beliefs, perceptions, assumptions, and values.
Read more about Succession in Family Firms... »
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| Leadership Corner: Communicating Your Vision and Inspiring Passion Creates Pathways to Financial and Corporate Success |
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by Bonni Carson DiMatteo, CMC © 2004
The Vision Thing: It's the state of the business
quarterly meeting. This is the time the staff has been
waiting for to verify the whisperings at the water
cooler. The CFO has just given the financial standing of
the company. After muffled applause, the CEO steps
forward. The room quiets down.
Weeks of meeting with the senior staff about vision and
strategy were burning to be shared. She was looking
forward to this moment. She talked about the hours of
planning the senior management team had put in, and
she was ready to share the good news: "We have some
exciting news about the vision of our company. We are
going to be doubling our business in the next three
years!"
She was surprised by the muffled applause. She saw
the facial expressions, the sideward glances, and she
couldn't understand why the message of the vision was
met with such unbridled resistance. This was exciting
news for this four-year-old company, and it seemed to
have a muted response.
It's a lesson not only in what you say and do, but how
you deliver it. If time is not taken to consider the
What's In It for Me (a.k.a. WIFM) factor, the company
vision can be delivered with a thud instead of a
resounding cheer. What the internal customer, the
staff, wants to hear is the rest of the story. How will
this impact my workload? How might I benefit if we are
successful? What is the compelling reason for the
vision? What might be the financial incentives for the
stakeholders as well as the stockholders? The three
greatest incentives for the internal customers are:
financial rewards tied to achieved goals; a clear line
between the company vision and their contribution to
its success; and opportunity for professional
development. If you want to turn a thud into a cheer,
you have to give them reason to wave the flag.
Read more about Communicating Your Vision... »
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| Coaching Corner: Coaches Can Help Executive Teams Customize Their Selection Process |
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by Bonni Carson DiMatteo, CMC © 2004
Unemployment is hovering over six percent. Only three
years ago, it was a third of that. Approximately 30
percent will be hired within four months. With all the
talent that is in the market, will CEOs find the right one
for the position?
The comment we most often hear from CEOs is of hiring
someone in haste only to regret it at leisure. The
opportunity we miss in the interview process to assess
this candidate from all perspectives becomes a threat
down the road.
As in any initiative, planning is half the challenge, while
implementation is the other. There are five steps to
successful assessment that will help them fill the gaps
of uncertainty in the process of finding key talent. Ask
some key questions that must be answered by the
interviewee and create a process that chooses the top
candidate. Include many ways of finding the answers to
those questions, including scored individual interviews,
team interviews, social interviews, DISC assessments,
and presentation interviews. In all cases, create
questions that get at the traits and skills, both hard and
soft, that will make this a successful fit.
By the time they see the candidate, the HR department
will present people who meet the basic requirements for
the job. The real challenge is creating a process that
culls the extraordinary from the ordinary and finds
someone who will excel in the corporate culture with
their unique executive team.
Learn more about Customizing the Selection Process... »
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Bonni Carson DiMatteo,
President
Atlantic
Consultants, Inc., was founded in 1982
to help leaders and their companies achieve
extraordinary results. The Atlantic Consultants team
can help solve challenges of leadership development,
organiza-
tional development, and strategic and succession
planning.
Services
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Managers
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Team Building
Leadership Teams
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Speaking/Facilitation Engagements by
Bonni Carson DiMatteo
"Lessons Learned in Family Owned Businesses"
January 23, 2004, 7:30 A.M.
sponsored by The Commonwealth Institute, Boston, MA
"What's A Nice Woman Like You Doing in a Place Like This?"
A Roundtable Discussion
National Automobile Dealer's Association (NADA) National Meeting
Las Vegas, Nevada
January 30, 2004
"Igniting and Leading Change"
Mass Women in Technology (Mass WIT) Leadership Conference, Babson College, Wellesley, MA
March 16, 2004
"Creating and Managing Change"
New England Human Resource Association Conference, Babson College, Wellesley, MA
May 27, 2004
"Succession Planning: Issues of Succession for Women
Leaders in Family Owned Business,"
presented October 31, 2003, Women's Automotive
Association International, Women-on-Track Educational
Conference, New England International Auto
Show
"All In The Family: Growing a Family-Run Business,"
presented October 21, 2003, 7:30-9:30 A.M., The
Commonwealth Institute. Sponsored by Sovereign Bank,
75 State Street, Boston, MA
Articles by
Bonni Carson DiMatteo
"Creating and Communicating Your Vision"
Women's New England Business Association
January 2004
"Facilitating Strategic Planning Retreats for Non-
Profits," Consulting Today
November 2003
"You Can Make Your Best Year Yet,"
Women's Business
October 2003
"Recession Proof Your Professional Service
Business Six Steps of Success in a Down
Market," Women's Business
October 2003
"Overcoming Anxiety about Selling and Business
Development," NEWBO
September 2003
Tips for Effective
One-to-One
Communication
FLAIRS
Focus on the
speaker
Listen
actively
Acknowledge
perspective
Inquire
Respond
Strategize
solutions
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