"The Next Generation Institute™ sparked communication between me and my son, Luke. It helped him develop an awareness of how challenging it is to be an owner and we both learned how to avoid some really big mistakes that can be made during a business transition."
Jim Perry (pictured right), Perry Contracting 2017 Next Generation Institute Graduate
Next Generation Institute (NGI)®
2022 Virtual Session Dates: January 11, February 8, February 22, March 8, April 5, April 19, May 3, May 31Time: 8:00 a.m. - 10:00 a.m.2022 In-Person Session Dates: January 25, March 22, May 17, June 14 Time: 8:00 a.m. - 1:00 p.m.; June 14 session is from 1:00 - 6:30 p.m.
Transitioning a family business can be complicated and emotionally charged, or it can be an opportunity for personal and professional growth that propels your loved ones toward an exciting, new future. The Next Generation Institute™ is for families who prefer the latter.
The program is for owners and leaders of family businesses, their successors, and other family members who may or may not work in or have ownership interest in the business. The program shines a light on the issues that most do not anticipate in a caring, supportive environment, while equipping the family to take action when they decide the time is right.
Regional experts, supported by seasoned family business mentors, will help you navigate the transition of ownership and management using our proven approach to succession. In an engaging, hybrid format, we will cover 12 critical topics that span three phases of succession planning. The fourth phase - to act on your plan - begins when the family is ready.
Align Session 1 - Find Community: Cultivate a network that is rich with trusted advisors and other family businesses facing similar challenges and decisions.Session 2 - Learn to Communicate: Increase your effectiveness, build trust and respect, learn how to manage conflict and integrate communication with change management.Session 3 - Gain Consensus: Let us shepherd you through challenging conversations that lead to clarity and get your family aligned around what success looks like.
Discover Session 4 - Explore Governance: By establishing a discipline of regular family meetings, and by drafting a family charter and employment policies, you will develop a shared understanding of how you will make decisions together.Session 5 - Build Your Team: Who are the key players you need to support a transition? Explore the benefits of advisory boards, roundtables, and the differences between them.Session 6 - Educate Shareholders: Dig into the mechanics of transition, how shares are transferred, the agreements that protect you, and the questions they prompt. When it comes to your children, is fair always equal?Session 7 - Assess Readiness: Founders and successors both need to prepare for this life-changing event. We will uncover your opportunities and put you on a path to transition successfully.
Empower Session 8 - Create Redundancy: No business should operate without a contingency plan. We will identify the critical people and processes that need backup.Session 9 - Build Value: What is your business worth? And what can you do to drive enterprise value? Surface the opportunities so your G2 can lead the way.Session 10 - Get A Game Plan: Identify your priorities and structure a multi-year plan to lead your organization through significant change.Session 11 - Make the Deal: This is likely the largest financial transaction of your life. Find out what you need to know to make sure it goes right.Session 12 - Take "Ownership": You have clarity on what you want to achieve and are equipped to take action. Celebrate and be strengthened by the new network of people you have to help you make it happen.
What should you expect?
Assessments & Outcomes Participants will take the Goering Center's Member Alignment Profile (or MAP Assessment) as a pre-requisite, to establish your organization's degree of alignment relative to the 10 Best Practices of Family & Private Businesses. Individuals will also take the Myers Briggs Type Indicator assessment to facilitate the work we do relative to improving communication. Finally, we will explore your company's ability to withstand the founder's exit without compromising enterprise value.
Throughout the program, we will assemble the critical information needed by a successor in The President's Book, a confidential document that captures the key relationships, accounts, and agreements governing the business, along with the family's succession action plan.
Core Presenters & Guest Speakers Sessions are taught by experts in family business governance, transition planning, finance, tax, law, communication, business continuity and the dynamics of families in business together. We also feature guest speakers from regional family businesses who want to share what they learned through their succession experience.
Facilitators & Family Guides Experienced volunteers serve as mentors to your family and generational peer groups formed through the program, ensuring the content is relevant and actionable.
Format This is a hybrid program consisting of 12 sessions: eight are virtual, lasting for two hours, and four are in-person and a half day.
Virtual sessions are livestreamed from a professional recording studio and leverage Zoom breakout rooms for both family and small peer group discussions. In-person sessions include time for discussion over lunch with your family or peer groups and provide the opportunity to build relationships with other family businesses. The virtual sessions help accommodate busy schedules and enable families to include those who travel or who are based outside of Greater Cincinnati. Participants are expected to attend all 12 sessions if possible, but all sessions will be recorded for those with scheduling conflicts, and for participants' ongoing reference.
(G1: current owner, G2: potential next generation successor.)
* Primary G1 spouse included in base tuition. Max: 20 companies participating
Next Generation Institute is a registered trademark of the Goering Center.
Not sure about your company's membership status? You can call us and ask at 513-556-7185.
Please note there is a 3% convenience fee when paying by credit card
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