Intergenerational coaching for succession planning
How to ensure your children are ready to maintain and grow your family's wealth
Succession planning has long been a sensitive issue among Asia’s wealthy families.
Research by Harvard Business Review and others indicates five main reasons for this.
LACK OF COMMUNICATION
Younger generations tend to be excluded from succession planning. It can be difficult for them to start such a conversation.
LACK OF EMPOWERMENT
Inflexible rules can be off-putting.
Less than 40% of Asia’s next generation wealthy want to take over the family business.
LACK OF KNOWLEDGE
Family firms are usually established in an unstructured way, often to include family members in the management of the family wealth.
However, the resulting lack of expertise, vision, resources, governance, management, and improper succession planning often makes this setup ineffective and unsustainable.
DIFFERENT GOALS FOR MANAGING WEALTH
Older generations tend to wish to preserve wealth, younger generations grow it.
In a family office context, this can be a source of tension because of these conflicting mindsets.
CULTURAL SHACKLES
Older generations often put off discussing succession planning with their children.
This may be because of discomfort with the topic itself, to avoid sparking a feeling of entitlement, or other reasons.
Help your children understand their strengths & weaknesses
“My children are not like me. They lack in some areas where I am strong, but they have talents in other areas. Do they even wish to take over the family business? Are they ready, if they do?”
To resolve these questions, you must understand your children better than ever before
You need to understand their way of thinking, their investment objectives and their mindsets better than they themselves.
To do so, you need to get under their skin.
But how?
This is where a CliftonStrengths® assessment comes in.
Formerly known as Gallup StrengthsFinder, CliftonStrengths® has helped more than 25 million people play to their strengths.
CliftonStrengths® does so by helping the individual understand their intrinsic thought processes, and boost what they are already good at to near-perfect performance.
At the same time, parents are able to understand and play to the children's inherent motivations, and deal with unspoken biases.
Steps to Succession Planning
Our workshops and MasterClasses are:
Self-Awareness
Reflect on your own strengths and your drive to succeed.
Contemplate the inherent strengths which helped you achieve your goals and grow your family’s wealth.
Understanding
Gain insights into your children’s motivations, their strengths and their weaknesses.
Spot where they act based on your upbringing and nurturing, and where they are naturally endowed with other talents.
Planning
Identify topics you wish to discuss and the agreement you seek.
Action
Work through more difficult topics with the help and support of one of our coaches and counsellors.
How it works
1
ASSESSMENT
Parents and children take the CliftonStrengths® assessment.
2
CONSULTATION
We meet parents and children separately to walk through their respective CliftonStrengths® assessments. This may take several rounds.
The other’s CliftonStrengths® reports are shared with permission only.
3
COACHING
Parents and children are brought together in one or more coaching sessions to share and discuss the details of their CliftonStrengths® reports.
Meetings can take place in-person or virtually.
4
COLLABORATION
Parents and children are now brought together with their Relationship Manager to discuss concrete steps to formulate a succession plan for the family office.
Help your children
understand their
strengths & weakness
“My children and I have a clearer view of our strengths and weaknesses.
We understand each other better and have resolved past tensions.
We have been able to address previously unspoken topics, including succession planning.”
Contact Us
For further information:
Mark Laudi
(+65) 9017 3534
138 Robinson Road
#21-02 Oxley Tower
Singapore 068906