Bruce Walton’s article was featured in the Family Firm Institute (FFI) Practitioner on 10/11/2017. It is a case study of a $100m revenue, third generation company CEO succession. When a family company recruits an outside executive, particularly at the COO or CEO level, candidates pay attention to what they might be getting into. Family businesses have a reputation for being idiosyncratic. Best candidates will look for best practices in use both within company governance and within the search process. It helps to be aware of things they will look for.
New York City, New York – September 9, 2017 – Battalia Winston today announced that the leader of their Life Science and Healthcare team, Gilbert Carrara, Jr., MD spoke at the Martin Tuchman School of Management Fall program on Globalization 2020 at UN Headquarters in NYC on September 8th .
From Davos to Wall Street, concern over job losses, trade imbalances, falling wages and environmental impacts has shifted the pro-globalization consensus, with various camps reflecting diverse perspectives as to the real impacts. Are we witnessing a clearer view of the pros and cons of free trade and nebulous borders or is there a fundamental shift in the view of globalization’s effects and benefits, from those industry leaders, financial elites, and economists, who were once its most ardent proponents?
Also present at the conference were the Dean and professors from the Tuchman School of Management, executives from the UN Headquarters, Verizon, Toys”R”Us, Prudential and IRI Worldwide.
Dr. Carrara spoke directly to the current state of the global job market and the direction it is most likely going to take in the future with the rapid expansion and globalization of businesses. He gave real life examples of how company executives are selecting executives and organizing their teams using people analytics and provided job market perspective on what executive candidates will need to think about when applying for roles in the future. He also discussed the impact that artificial intelligence and machine language will have on the job market in the near future. Gil works with large and small life science and healthcare companies around the globe and has seen the impact that globalization has made on the careers of current senior executives and will most likely make on our future executives’ careers. He concluded by discussing where he felt shortages of talent and global competition will most likely be seen in the future and explained how corporations will need to manage their executives more effectively than in the past in order to retain them.
Succession planning has always been an important discussion topic for every thoughtful or “planful” retail company. However, with the paradigm shift taking place in the industry, the importance of the process and of making it more than talk has become critical for several reasons. Not only is the current generation of retail leadership retiring in large numbers, the likelihood is that this attrition will continue well into the next two decades. Tie this basic reality to a noticeable lack of prepared talent to fill these critical vacancies, and the current retail business readjustment will continue on its own path with few to influence where that path leads. With the decline in executive training and professional development programs, as well as the changes in leadership profiles (from merchandising to marketing, from marketing to digital), the industry is sure to face continued drift and dislocation.
Once executive leadership in a company understands that a deliberate succession plan is a necessary part of the total strategic planning process, they will next face a process that’s much different from the succession planning processes to date. So what’s so different now?
Bruce Walton, Boston Partner and Co-Head of the Family Business Practice, has contributed two short articles to the FFI Practitioner.
The first article, published 4/19, deals with the issue of “Fit, ” addressing the concepts of core family values, alignment and stewardship as well as clarifying issues of whether or not a candidate actually has demonstrated the key competencies necessary to do the job successfully. Read the full article
The second article, published 6/7, deals with Long Term Incentive Programs (LTIPs), addressing issues of best practices for structuring LTIPs, the value of working with compensation consultants and ensuring that payouts are made only when new enterprise value is created. Read the full article