Change your role to build lasting value
At some point, all family business owners have to transition out of being the leader of the business if their company is going to succeed into the next generation. But how do you start to make that change, to shift into a mentoring role?
Galliard Founder and President Lisë Stewart shares some advice on becoming a mentor when you’re used to being the boss:
You know, anybody that’s ever worked with me knows that I’m a bossy person. I just am. I like to tell people what to do – maybe in the nicest possible way, but I like to tell people what to do. I like to make decisions and I like to make them fast. I like to move forward in the direction that I want to go.
In fact I like being a leader – I always have. It’s really enjoyable.
But you know what?
If the company I’m building is going to have lasting value, I have to change my role.
I have to do exactly the same thing that I encourage all of my family businesses to do. All of my owners have to start thinking about moving from being that leader, manager, owner, brains at the front of the company, to being more of a mentor or coach.
You know it’s not an easy change to make. I know for myself – and I’m a trained coach!
So here are some things that I’ve found really useful for myself, and I’d like to share them with others…