Power of Coaching in Family Businesses | Gatewaysglobal

Most family businesses struggle with this aspect of ensuring a smooth transition and the continuity of the business.  Coaches help prepare the next generation for leadership roles, they start by identifying members with the potential, the right skills, competencies and above all the values to align with the organizational goals. Then comes the drill down to create Individual development plans for each potential successor, develop training programs, provide on- the -job opportunities to take on leadership opportunities in a phased or controlled manner, continuously providing timely feedback for making improvements & corrections. Though a long process, it results in a confident and able future -ready generation fully equipped to step into the shoes of the seniors.

Coaches assist in developing and providing guidance for executing strategic plans, ensuring the long-term growth and sustainability of the business. They help create clear roadmaps which set the direction. This may change depending on multiple factors-both internal and external. Covid is a classic example of how businesses were shaken and had to seek new ways of operating. Coaches can help in this journey by fostering confidence, encouraging out of the box solutions, and imparting a sense of control to those involved. It’s not only about the owners but also about the impact of such changes on the employees that needs to be thought through.