- March 22, 2016
- 1:56 pm
- Andrew Keyt
- no comments
5 Lessons Learned from Successors: A Path to Credibility
To truly step out of the shadows and into leadership, a successor must also develop external credibility. Whereas internal credibility comes from a kind of soul-searching from within, external credibility comes from other people. To explain further: successors earn other people’s respect when their reputation is built upon their performance, character, and hard work (instead of wealth and the family name as sources of power). They prove that they are leaders worthy of being followed. This is external credibility.
My research has uncovered a number of ways for successors to step out of the shadows of their parents and into the light of their own leadership. The following are lessons learned from the successors I interviewed. Each helped forge a path to internal and external credibility.
- Earn it! As a successor, you’ll likely have to work twice as hard as non-family members in order to be credited with the same level of success.
- Deal with failure. Stories of your parents’ success seem abundant, while their failures are barely a footnote. This idea that failure is not an option is pure fiction. The successors I spoke to understand that failure is simply part of the job; it’s necessary. Through failure, you develop your own experience and “gut instinct” for the business.
- Develop your own sense of what’s right. It’s tempting to try to repeat what Mom and Dad did, or to make decisions that you think will make them happy. But to be successful over the long term, you must pave your own way for the future. Develop your own instincts and your own sense of right and wrong.
- Strive for continuous improvement. Always push to improve yourself. In order to step out of your parents’ shadow, you must constantly work to become a better leader. Take executive education courses, sit on other company boards and keep your finger on the pulse of what is happening in your industry. Do whatever you can to build a better understanding of yourself, your business, and your industry.
- Remember the importance of family. Dealing with the emotions of parents, siblings, and cousins alongside perceptions of fairness and equality can be an incredible challenge. Listen to family members’ concerns and make sure that everyone is aligned in their values and vision for the future. This is essential to your success in leading the business into the next generation.
Make sure to read the full article in the March/April 2016 edition of Family Business Magazine!