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Myths and Mortals: Family Business Leadership and Succession Planning

Myths and Mortals: Family Business Leadership and Succession Planning

  • Author:
  • Publisher: John Wiley & Sons
  • ISBN: 9781118928967
  • Published In: July 2015
  • Format: Hardback , 224 pages
  • Jurisdiction: International ? Disclaimer:
    Countri(es) stated herein are used as reference only

List Price: HKD 400.00

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    Establish credibility as the new family business leader

    Myths & Mortals, Family Business Leadership and Succession Planning provides insights and strategies for successors of family businesses.  Successors often find themselves in the shadow of their parents making it difficult to establish credibility in the family business and tap into their own strengths. The stress of emulating a parent begins to clash with who they are and who they want to be as a leader. 

    Written by internationally known business strategist and succession planning expert Andrew Keyt, this guide shows you how to establish credibility, take your place at the head of the table, and run your business your way. In groundbreaking research, Keyt interviewed more than 25 successors of family business legends including Massimo Ferragamo, Bill Wrigley Jr., Christie Hefner, and John Tyson to find out how they overcame the challenges successors commonly face.The analysis from that study formed the basis for the strategies presented here—to help you win the loyalty of those stuck in the old way of doing business, and still focused on their former leader's vision. You'll learn how to take charge without sacrificing your own leadership style, and how to get everyone on board with your vision for the business.

    Growing up in the shadow of legendary family business leaders creates a unique challenge for successors to the leadership position. You cannot remove the emotional power of family dynamics from the business, but you can change how you choose to react to it. To be successful, you need to create a sense of identity and credibility, and step out of the shadows of your forbears. This guide provides strategies for doing just that, so you can take the reins and be the effective leader your business needs.

    • Overcome the obstacles successors commonly face
    • Win over those still loyal to their former leader
    • Build your own credibility, separate from your parents
    • Develop your own leadership style and do business your way

     Credibility is elemental to business leadership, but establishing that credibility is the successor's biggest challenge.Myths & Mortals, Family Business Leadership and Succession Planning helps you plan around the obstacles and avoid common missteps so you can lead more effectively right out of the gate.

  • Preface xi

    Acknowledgments xv

    Prologue: Born in the Shadows

    Grappling with the humanity of the hero xix

    Born in the Shadows xx

    Definition of the Myth xxii

    A Journey to Generative Leadership xxii

    I Am Not My Father (Differentiation) xxvi

    It Takes a Personal Vision xxvii

    Moving the Past into the Future xxviii

    Chapter 1 Making of a Myth

    How stories of heroism help and harm a successor 1

    The Power of the Myth 2

    The Good Story 3

    The Bad Story 4

    Understanding the Reality of the Myth 6

    Origins of the Myth 7

    Feeding the Myth 8

    If It Makes You Happy 9

    Keeping the Next Generation in the Shadows 11

    Idealization of the Child 11

    Parentification of the Child 13

    Infantalization of the Successor 13

    Idealization’s Alter-Ego 14

    Reality and True Truth 16

    Chapter 2 Out of the Shadows

    The journey of the successor to lead apart from the myth 19

    Differentiation and the Life Cycle 22

    Attending (0 to 18 months) 23

    Power (18 to 36 Months) 23

    Responsibility and Conscience (36 months to 5 years) 23

    Competency and Latency (5 or 6 to 11 years) 24

    Separation and Adolescence (12 to 23 years) 24

    Early Adulthood (20s and 30s) 24

    Overcoming the Successor’s Curse 25

    From Hero to Human: Deconstructing the Myth of the Founder 27

    When Successors Chart Their Own Course 31

    When Idealization Interferes 32

    Shining the Light Inward 33

    Asserting the Self in the Family Legacy 37

    Chapter 3 You Gotta Earn It

    Earning your way to the top 41

    Your Own Way 43

    Be Honest with Yourself 44

    I Go Blind 46

    How Parents Can Help 47

    Building Belief in Others 48

    Building Resiliency 49

    Show Up for Work 52

    Chapter 4 The Strength of Failure

    Running the obstacle course of success 57

    Developing Gut Instincts: Learning through Action 60

    The Hard Road to Leadership 61

    No Mistakes; Just Learning 62

    Supporting Failure 65

    Obstacle Courses 68

    The Family Launching Pad: Go Out and Get It 69

    The Shape of Success 69

    Chapter 5 “I Can See Clearly Now”

    The origins of a fresh vision for the family business 73

    A Story for the Future: Mission, Vision, and Values 75

    Respect the Past; Do What’s Right for the Future 76

    The Rudder of Conviction 78

    Working through Personal Values 80

    Family Planning 81

    Mission 83

    Back to the Future 84

    Chapter 6 Nonstop Learning

    Know your weakness and improve 89

    Sustaining Credibility 91

    Respectfully Pushing the Limits 93

    Defining Success: Future Forward 94

    Know Thy Motives 95

    The Necessity of Continual Development 97

    Disciple of the Disciplines 98

    Staying Power 100

    Chapter 7 Feed the Family

    Caring for relationships, caring for the business 103

    Dare to Be Different 105

    Heart and Soul 107

    Family Assets 110

    How Competition Can Cripple 113

    From the Founder to the Family 114

    Next Generation 117

    Chapter 8 Me versus We

    Sharing the glory of the family business story 121

    The “I” in the “We” 123

    From Legendary to Ordinary 125

    When the Magnetic Center Is Gone 126

    Feels Like Family 127

    More than Money 130

    Dream Weaver 132

    The Brick Wall 132

    Re-Generation 133

    Chapter 9 Decisions, Decisions

    Decisiveness amidst ambiguity 135

    The Great Differentiator 138

    Cutting the Gordian Knot 139

    One Decision after Another 141

    Failure Makes the Business Hero 142

    Trap of Perfectionism 143

    Think and Do: The Decision-Making Process 145

    Must-Have Courage 145

    A Sense of Where You Are 147

    Reorientation 148

    The Orientation-Locked Family 149

    A Decisive Workforce 150

    Willing to Fail 151

    Chapter 10 The Inner Light

    A plan to illuminate a successor’s path 153

    The Need for a Personal Strategic Plan 154

    A Plan to Differentiate 156

    True North 158

    Values 159

    Mission 160

    Action Plan 161

    A Flexible Plan 162

    Let There Be Love 163

    Let There Be Light 164

    Epilogue: Stepping out of the Shadows and into the Light of Your Leadership 167

    Identifying the Myths 167

    Self 168

    Building Internal Credibility 169

    Building External Credibility 170

    Appendix A Research Note 173

    Appendix B A Generative Retreat: 1/3 Activity (Body), 1/3 Reflection (Self), 1/3 Planning (Future) 175

    About the Author 177

    Index 179

  • ANDREW KEYT is the Executive Director of the Family Business Center at Loyola University Chicago's Quinlan School of Business, one of the world's leading educational organizations for family businesses. He is also the Founder and President of Keyt Consulting, a firm that assists family enterprises with succession, strategy, and next generation development. He also serves as the CEO and President of Family Business Network-North America (FBN-NA)—the world's leading private network of family business owners.

  • “It is a slim but fascinating book” (Forbes, October 2015)

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