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BETTERING YOUR BUSINESS yet match your experience. Give her the time and room to grow at her own pace. Also, avoid reminding your children you know so much more than they do — they need to learn and do some things on their own. If they learn something you didn’t know, or successfully deal with something you didn’t, let them know you’re impressed they one-upped you. Expose them to all aspects of the business. If you want your children to someday take over the top spots, they need to know what it’s like all up and down the ranks and in every area. Look at yourself: How much of each area do you understand? You may know about merchandising, production, management, buying, marketing, financial planning — it’s a long list that depends on the field. You may not be an expert in each area, but you likely know more than the average employee. Your children need that knowledge as well. Let them get their hands dirty and spend time in all departments, including accounting. In five to ten years, they’ll be stronger, and the company will be better off, if they have this kind of familiarity. Have them work for another company. Family Business Review research shows that one of the highest correlations to a fruitful succession is when the next generation spends time working outside the business. If your son or daughter is truly intent on joining the family business at some point, he or she should join a company that has some relation to your business. This is invaluable experience, as your children learn about the industry from another vantage point and learn objectively what they are good at. When it’s time for them to enter your company, have them take a job that matches their skills. Or, have them enter near the bottom until they demonstrate an understanding of the basics. Encourage them to continue their education. Future successors need to keep learning all they can. The education depends on the type of work the company does and the type of work your children would like to do there. If your children are already involved in the business, encourage them to take courses that align with the company’s mission, attend industry association educational conferences, read industry and business magazines and books, and stay on top of their field. Learning also means staying humble, being a good listener and, most of all, volunteering to take or lead projects. Actively and passively assist them to excel in that area.  Set them up with a mentor. Many successful businesspeople and professionals refer to their mentors as being critical to their success. In a family business, it’s the best way to impart that “secret sauce” on how to think strategically; read between the lines; and learn the tricks, shortcuts and habits that work versus those that don’t. Often in a family business, there’s a ranking of optimal mentors, from those outside the business but in the industry, to those inside but not family, to those both inside and family. One rule: Mom and Dad are the worst — you love too unconditionally to convey hard criticism, and it will be hard for your children to listen. Best to identify someone else in your company who would make a good mentor, and ask them. If you do mentor your own children, remember you are not trying to clone yourself. The world is evolving, and your children will be operating in a different environment that requires its own decisions and actions. They need to be able to take the knowledge you impart, match it to the world they are in, and act accordingly. Creating a strong foundation for your children will enable a far more successful and smooth transition as they begin to assume roles of greater responsibility. You can rest easy knowing there are no holes in their training or exposure. Having taken the time to set them up in the business right, you can start to sit back — or enjoy the pleasure of working side by side with the next generation.

Own the A.I. Revolution Artificial Intelligence is on the verge of disrupting every domain of human existence. What does that mean for one’s business? Everything. Building on the power of AI is the factor that will determine success or failure in the very near future — and this in-depth guide from the man who designed the AI system that famously won Jeopardy provides everything one needs to be a leader in this revolution. Own the A.I. Revolution provides a future-forward look at AI — how it will look in the coming years, the countless business opportunities it will offer, the risks that come with it — and delivers the knowledge needed to navigate it all in real and practical ways. Own the A.I. Revolution: Unlock Your Artificial Intelligence Strategy to Disrupt Your Competition Neil Sahota and Michael Ashley McGraw-Hill Education

288 pages Available 5/24/2019


The Age of Intent Have you ever wished that every company you interacted with could just know what you wanted and go get it for you? That, when you picked up the phone or opened a chat window, the company would use what it knew about you to anticipate your needs? We are on the verge of a future just like that. The age of intent is a world where the smartest of chatbots — virtual agents — are powered by artificial intelligence and connected to a customer’s complete past history. These virtual agents can anticipate just what a customer is looking for, answering questions through chat, on the phone and through smart speakers like Amazon’s Alexa. They’ll transform the business world with efficient, scalable service that’s available 24/7 and gets smarter every day. The Age of Intent: Using Artificial Intelligence to Deliver a Superior Customer Experience P.V. Kannan and Josh Bernoff Amplify

256 pages Available 5/28/2019


Beyond Performance 2.0 Leaders aren’t short on access to change management advice, but the jury has long been out as to which approach is the best one to follow. With the publication of Beyond Performance 2.0, the verdict is well and truly in. By applying the approach detailed by authors Scott Keller and Bill Schaninger, leaders can more than double their odds of success — from 30 percent to almost 80. Whereas the first edition of Beyond Performance introduced the authors’ “Five Frames of Performance and Health” approach to change management, the fully revised and updated Beyond Performance 2.0 has been transformed into a truly practical “how-to” guide for leaders. Every aspect of how to lead change at scale is covered in a step-by-step manner, always accompanied by practical tools and real-life examples. Beyond Performance 2.0: A Proven Approach to Leading Large-Scale Change Scott Keller and Bill Schaninger Wiley; 2nd edition

The world is evolving, and a founder’s children will be operating in a different environment that requires its own decisions and actions. It’s important to prepare them to be able to take the knowledge the founder imparts, match it to the world they are in, and act accordingly.

278 pages Available 5/29/2019



MAY 2019


Profile for InMedia

May 2019 Issues of In Business Magazine  

May 2019 Issues of In Business Magazine