The board composition will be an important consideration to the next generation. The McKinsey study found that on average, 39% of the board members of family businesses are inside directors, including 20% who belong to the family, whereas in non-family companies only 23% of the board members are insiders. The study also says that if the new senior managers decide they need to strengthen the board, they will have a more difficult time than non-family-run businesses finding new board members because outside director candidates might fear they have limited clout without blood ties.
New successors will find a variety of resources that can help them, however. Local chapters of the Young Presidents Organization can be valuable in providing leadership forums and a network of peers. Other organizations that sponsor programs to help guide family business heirs through the transition include the Family Business Institute and the Aspen Family Business Group. Tatelbaum often advises clients to get one-on-one advice, however, by hiring an executive coach. A coach will work with the new managers for six months or longer, helping new executives develop their management style and think like leaders.