Who's Next: Leading family-run firms through change, succession
Each new generation brings opportunities and challenges to the workplace. Recorded live at ICSC Detroit, leaders from two Michigan-based real estate families, the Schostaks and the Friedmans, discuss the hard but necessary conversations and choices required to maintain a multi-generational enterprise.Share these insights on succession planning in family-owned businesses: · Succession Planning: Establish clear governance and involve family members in decision-making to ensure smooth leadership transitions.· Leadership Transition: Transferring leadership to the next generation requires structured processes and clear roles.· Family and Business Balance: Balance family dynamics with business operations, making necessary sacrifices for success.· Adaptability: Evolve business models and diversify services to stay competitive.· Economic Resilience: Maintain liquidity and seize opportunities during economic downturns.