Successful family business succession: Utilizing peer groups for critical leadership skills development

Abstract

Purpose

The current study explores the necessary leadership skills required for leadership succession in family businesses as well as best development activities for each skill. The current study provides suggestions for best practices in developing and utilizing peer groups as a leadership development method.

Design/methodology/approach

A needs assessment was conducted by surveying 150 family-business leaders. Leaders were asked, “What are your most pressing leadership development needs for your organization as you move toward succession? A follow-up question was then asked: “For each of these skills, what method would best help develop this skill for family business leaders?” The responses were content analyzed, placed into themes, and rank ordered.

Findings

High agreement amongst business leaders was found as eight leadership skills were cited by high percentages of family-business leaders. Leaders overwhelmingly reported peer developmental activities as being the best method for developing these skills.

Originality/value

Succession planning in family-businesses is critical as many family business fail to make it past the first or second generation. However, little research explores what specific leadership skills are necessary for optimal succession. As well, many leaders in public organizations seek individual methods of development, such as executive coaching, whereas family business leaders seek group activities to learn with/through their peers.

Citation

Wittmer, J.L.-S., Longenecker, C.O. and Jones, A. (2022), "Successful family business succession: Utilizing peer groups for critical leadership skills development", Development and Learning in Organizations, Vol. 36 No. 3, pp. 15-17. https://doi.org/10.1108/DLO-07-2021-0116