Welcome to “Transforming Legacy into Opportunity.” This webinar focuses on the next chapter for family businesses and business owners and explores how they can leverage their legacy for future opportunities.
Featuring an advisory panel of experts, you’ll hear from Jean Santos, Founder and Chief Disrupter, BCR; Kyler Gilbert, Vice President, BCR; Victor Sodd, Chief Talent Officer, NGP; and Rishi Sharma, CEO in Residence, NGP.
The panel offers various perspectives as both advisors and operators on succession planning, which is a process they actively help other family businesses with.
Key learning points include:
- Succession is challenging and often unplanned, despite a massive wealth transfer occurring. Seventy percent of successions fail to cross the finish line, and only 30% of people approach it in a planned and structured way. Preparing for succession takes time, focus, intentionality, patience, and the willingness to have difficult conversations.
- Founders are often hesitant to plan for succession due to emotional and psychological factors. This reluctance stems from a fear of the unknown, as the older generation often has a strong identity tied to the company, leading to the question, “Who am I without my company?”
- Readiness for succession has two components: business readiness and personal readiness. Getting the business ready involves dealing with objective facts and the emotional issues that keep founders awake. Both aspects need to be addressed in parallel.
- Successful succession requires choosing a path and starting early. Learn the five stages for successful succession: assess, evaluate, design, transform, and activate. It is critical to start early, preferably years in advance, because families who actively talk about succession are three times more likely to succeed.
- The decision to transition a business affects many stakeholders, making clear communication essential. A lack of clear communication between the current generation, the next generation, and key employees is a major challenge that can create difficulties in the transition.
“It was a truly great event and a meaningful opportunity to share insights on family business succession and the many resources available to support families on this journey,” says Kyler Gilbert, “The discussion reinforced how important it is for founders and rising generations to have clarity, support, and a roadmap as they navigate transition. I was especially grateful for my fantastic co-hosts, Jean Santos, Rishi Sharma, and Victor Saad, whose perspectives and expertise made the conversation even more impactful. Grateful to everyone who joined and engaged!”
Watch the full webinar here or on our media page: