CHAPTER 10
A More Systematic Selection Process
AS the tenure of an incumbent leader draws to a close, the various formal and informal stakeholders become increasingly aware of how high the stakes are in the process that is about to begin. The relative rarity of the succession in a family company (an average of once every 20.6 years according to one study) increases the likelihood that people will view it as a once-in-a-lifetime opportunity to advance their careers and increase the benefits they derive from their direct or indirect involvement with the company.1 This does not necessarily heighten the determination of many families to exercise caution and use rigorous procedures in selecting successors. On the contrary, the momentousness of the ...
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