Passing the baton: Help your family business succeed with Olympic-level coaching
The eyes of the world once again turn to the athletes who have devoted time, attention, and endless dedication to their sport. It’s time for the Olympics.
If you want a lesson in grit and teamwork, turn on the games. Paris, the City of Light, just might illuminate ways to sharpen your own team– your family business– as you too, go for the gold.
Passing the baton
“I can’t believe he dropped it!”
Let’s face it, we’ve all criticized the Olympians– young athletes at the absolute pinnacle of their sport– while sitting on the couch eating Pringles.
The best athletes make it look easy, as if us mere mortals could step in at any moment and carry Team USA on to the gold.
But just like your industry, it’s not as easy as it looks.
Just like the Olympians, your Team USA– your family business– is the product of years and years of preparation, practice, failure, resilience, perseverance, and teamwork.
Running the relay
The baton is an iconic element of the relay race and symbolizes trust and continuity among the team. Runners must rely on their teammates to receive the baton smoothly and hand it off with equal fluidity all while maintaining an Olympic-level momentum. No problem!
Your baton is the legacy, values, and accumulated wisdom that have grown from a multi-generational labor of love. Family business owners cannot live for the present alone.
Preparation, communication, and training should be synonymous with your family business, Eventually, the time will come to “hand off” the business to the next generation of leaders. That’s where the principles of trust and continuity become paramount.
Prepare for success
During the relay, attention to technique and detail can mean the difference between success and failure. Everything from the block start down to the hand position of the baton-holder must be performed in a certain way, executed in the same fashion by each teammate, all while running at high speeds!
When it comes to important events like succession, family businesses must prepare the next generation of leaders years in advance. Your formal succession plan must include mentoring, training, coaching, and gradually increasing the next generation’s responsibilities.
Much like how relay teams practice handing off the baton extensively, family businesses must invest time and effort in training and preparing future leaders.
Take the time to nurture future leaders through:
Mentoring
Exposure to solving complex business problems
Hands-on-experience
Relevant education
Personal development
Coaching
Training is a lifestyle
For Olympic athletes, rigorous training is a way of life. Make rigorous personal development your way of life. If you’re not learning, you’re not leading. Personal development and education is what will separate the wheat from the chaff when it comes to the success of your business.
To create a rigorous culture of progress and preparation family businesses must:
Develop a clear vision
Create strategic plans for major transitions like succession
Adopt robust governance structures
Hold regular family meetings
Create and promote a culture of safe and open communication
Learn how to resolve conflicts in a healthy way
Just like the Olympic relay teams, these training efforts within your family business must be deliberate, calculated, communicated, and executed with great precision.
Communicate with your team
Effective communication is critical for success in both relay races and family businesses. During a relay, a team will communicate through verbal and nonverbal cues, words, and body language. The communication the team has faithfully practiced is what allows them to execute their strategic plans.
In family businesses, open and transparent communication is essential to prevent misunderstandings and ensure everyone is aligned with the business's goals.
Regular family meetings, clear succession plans, and open dialogues about roles and expectations help facilitate this communication. By fostering a safe and accepting environment where family members can express their ideas and concerns, family businesses can create cohesion and enjoy success worth its weight in gold.
If your family is struggling to come together as a team, consider hiring The Family Business Coach to help your business stay on track and thrive in its field. Book a free consultation today.
