Generational change: developing a shared vision of the future

Interviews with family members, shareholders and managers brought the different perspectives to light. Family conferences were used to discuss results and capture personal expectations. The roles of family members and the management structure up to the handover were explicitly clarified.

Additional interviews with customers and manufacturer representatives broadened the view of the generational change. For the strategy work, market shifts and trends were analysed. Experts from academia and industry contributed ideas, which the strategy team then evaluated.

The team identified opportunities, risks and the organisation’s core competencies and formulated key strategic questions. Option teams assessed the prioritised future options in economic terms. Other participants reviewed the results, including with a view to digitalisation. The outcome was a vision of the future, a strategy map and strategic initiatives.

The external consultants created formats for the family’s expectations, the development of the business and the alignment of the two. The report describes family conferences, role clarification and the separate involvement of the auditor for tax and legal questions. These different tasks were linked in a single, coordinated process.

According to the documentation, management was formally handed over two years after the process began. The vision of the future was presented at the same joint event. The report cites a subsequent online survey as an indication that the vision was accepted. The former owner became chair of the newly established supervisory board.

Which family expectations, future leadership roles and strategic decisions need to be aligned before the handover? The case shows how succession can be tied to a shared view of the company’s future.

• A shared vision of the future with prioritised options, a strategy map and strategic initiatives.
• Handover of management two years after the start, as documented in the report.
• Leadership roles clarified and a supervisory board newly established.

The two-year timeframe refers to this project. We make no claim about response rates or representative results for the acceptance survey mentioned. Tax and legal questions were handled separately with the auditor.