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FAMILY BUSINESS COACHING

Family Legacies has vast experience in coaching family business and corporate executives who recognise the value of having a sounding board or mirror to encourage deep personal reflection, to enable them to clarify options and determine the best mix of their own skills and experience to meet each new challenge.  

The coaching process enables family business owners, their successors and key management, to adopt a totally objective perspective from a non-judgemental and impartial partner, creating a confidential space where a leader can discuss any issue that concerns them in an open and frank manner, with no fear of repercussions. 

 

Family Legacies' executive coaching process enables CEOs to create a separate identity and prepare for a new life outside of their family business. Our coaching process also enhances successors' career development and their leadership capabilities, preparing them for succession in the family business.  

“There is no question that future leader will need constant coaching. As the business environment becomes more complex, they will increasingly turn to coaches for help in understanding how to act. The kind of coaches I am talking about will do more than influence behaviours; they will be an essential part of the leader’s learning process, providing knowledge, opinions, and judgement in critical areas.” 

 

RAM CHARAN, GLOBAL BUSINESS & LEADERSHIP CONSULTANT

HOW EXECUTIVE COACHING CAN HELP YOUR FAMILY BUSINESS

Despite the “rise of the family firm,” there are clearly problems for these organisations on the horizon.

 

  • They have a striking failure rate: approximately 30% survive into the second generation and only 12% to the third generation.

 

  • In the United States, 45 million households will transfer $68 trillion in wealth over the next 25 years, with the vast majority going to their heirs – equivalent to 80% of 2018 global GDP. Nearly $9 trillion, or almost half of U.S. GDP, will be transferred in the next 7 years alone.”

 

SOURCE – Family Firm Institute (Boston, USA) and Report by Cerulli Associates

Executive coaching can help family business owners implement strategies to remain multi-generation businesses. It is important for executives to strengthen their leadership skills to achieve both their personal and professional goals. While it is easy to get so caught up in the daily routine of running a business, leaders might lose sight of the bigger picture.

Does your family business have strong needs goal-setting strategies and a succession plan? A good strategy demands strong leadership, teamwork, and the separation of the “family-business” from the family. Without these, the business is doomed for failure.

 

Coaching has found an important role in the corporate world, and qualified coaches are highly revered and respected as change agents. With the right level of chemistry and trust, the client can grow tremendously. Coaches can help clients discover themselves, uncover inspiration and areas of development and then hold them accountable to changing their limiting beliefs and behaviours.

COACHING THEMES

The following themes often emerge in our coaching with family businesses:

 

 

We also work with our clients to ensure they:

  • Set and achieve higher quality goals;

  • Know their purpose professionally and personally;

  • Greater self-awareness and understanding of themselves;

  • Eliminate rather than tolerate negatives;

  • Achieve a balanced life;

  • High impact better decisions in their personal and professional lives; and

  • Maintain good physical and emotional health.

 

Family Legacies’ coaches work with the holistic individual and are equally cognisant that while our executive coaching may start out with a business bias, they inevitably migrate to all ‘bigger issues’ of our lives, both personal and work related. Our coaches are skilled at taking our clients to their personal growth edges, impacting positively in all areas of their lives.

  • We don’t consult and leave, our coaching team offers long-term support ensuring positive change and growth;

  • Works with the holistic individual (professional and personal);

  • Coaching individuals to reach their optimal performance level;

  • Coaches don’t fix, they enable and encourage crucial conversations to occur;

  • Trained to ask the right questions;

  • Trained to take you to your growth edge and out of your comfort zone;

  • Capturing the essence of your leadership style;

  • Find your true purpose and growth path;

  • Future focus, remaining fluid and open to change;

  • Authentic and individually tailored.