“Who should take over the family business, and how can I be confident that my choice will be the right one?”
This is a question many families face, particularly when more than one family member is interested in leadership, or when considering hiring externally.
Making this decision is rarely straightforward, but establishing an inclusive, transparent process can make a significant difference. It is essential to foster open and honest conversations, ensuring all family members and relevant business stakeholders feel heard and respected. Such discussions allow everyone’s strengths, aspirations, and readiness to contribute to be properly understood and considered.
It’s important to remember that not every family member has to serve as CEO to make a valuable impact - sometimes, their talents may be better suited to other important roles that support the family’s goals.
By evaluating both the long-term needs of the business and the capabilities of everyone, and by prioritising collective input and collaboration, the family stands the best chance of selecting a leader who is well-equipped to guide the business forward, while honouring and strengthening its legacy for generations to come.
By Queensland based Family Business Accredited Advisor
Suzy Munt
Partner, Business Services National Lead Partner.
