 |
Sibling Partnership/The Executive Committee
 By
Henry D. Landes
Issue 4 1998
I really get excited when I know we have a provocative topic and
dynamic, entertaining speakers on deck for the upcoming Family Business
Forum. That’s the case on September 24 with the O’Donnell
brothers. Theirs is a tale of sibling partnership challenged, tested,
and vindicated.
In a society where we’re more familiar with sibling rivalry
than sibling synergy, examples of extraordinary commitment to a
common venture are refreshing. The O’Donnell brothers are
two of the best examples of how to make a family business succeed
under the leadership of a second generation. Potential stumbling
blocks are many. Traditionally, we’ve seen family businesses
pass from founding father to first-born son. Sibling partnerships
are a relatively new phenomenon in the succession patterns of family
businesses. Today, first generation founders take the point of view
that the business is fair game for all their children. In the 90’s
we’re seeing more and more first generation parents live out
the equal rights concept. One form this takes is co-CEOs or co-presidents
held by siblings. It’s not unusual for the job descriptions
to be distinct and the offices may even be at opposite ends of the
executive suite, but the mission, vision, and goals are shared.
Sibling partnership means working together, not doing the same thing.
Many times that’s an early lesson that must be learned—each
sibling has his/her unique skills. Each must have the chance to
exploit those skills for the good of the family and the business.
In my work as Chair of a 14-member TEC group, one of ten in the
Philadelphia area, heads of private companies of all sizes lay lots
of issues on the table. TEC, which stands for The Executive Committee,
is an international organization of more than 5,000 presidents and
CEOs worldwide. The monthly TEC sessions allow and encourage heads
of non-competing companies to be candid about their problems and
challenges. More than half of all TEC members head family businesses.
Many of those wrestle with succession issues and the specter of
ownership and management transferring to a second generation. In
the TEC sessions I lead and in my private counseling with family
company owners, I listen intently to veteran business leaders talk
about the perils and opportunities of siblings working together.
It’s important stuff because there’s more at stake than
the business. We’re talking about families. I get my reward
when I help winning business leaders succeed at passing their life’s
work to the next generation and doing so with grace.
|
|
