Atlantic Consultants, Inc.
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 Success Strategies = Extraordinary Results! . Atlantic Consultants, Inc. 
January 2004 
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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.

Please send comments/questions to .

© 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.

in this issue
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  • Family Business Corner: Succession in Family Firms: Opportunities and Challenges
  • Leadership Corner: Communicating Your Vision and Inspiring Passion Creates Pathways to Financial and Corporate Success
  • Coaching Corner: Coaches Can Help Executive Teams Customize Their Selection Process

  • 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... »

    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... »

    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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    © 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.

     
    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.


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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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