Family Dreams: The Genesis of Succession

IN succession is a journey, the beacon that provides a direction is the Shared Dream. The Shared Dream is a collective vision of the future that inspires family members to engage in the hard work of planning and to do whatever is necessary to maintain their collaboration and achieve their goals. It shapes the choices made at every point in the succession journey, from the company’s strategic plan, to the selection of future leaders, to the type of leadership structure it will adopt in the next generation.

The general management literature has tended to assume that “vision” is something that can be imposed on a company from above, a tool in the leader’s kit that can be pulled out when needed to ...

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