For the departing leader, succession is always a struggle.
There are numerous examples in family and founder-led businesses of the person at the top holding on to power for a long time, for too long in the eyes of neutral observers and way past retirement age. This holding on for too long is often a source of frustration for the next generation, as they spend years and years in a holding pattern – without substantial responsibility for the business and unfulfilled, but too committed to leave, playing Prince Charles to the leader’s Queen Elizabeth. Although this is a common state of affairs and has its roots in the psychology of the successful leader, it doesn’t have to be that way. For some leaders, succession is easy: a) because they … Read more