Editor's Note: This is the third article in a series on professional development opportunities for potential family business successors. The first article considered the value of outside experience, discussing career paths inside and outside of the family business; the second discussed the importance of onboarding. This article addresses individual development planning based on a potential successor’s strengths, weaknesses, opportunities and threats.
Liam Stevens was third generation in the Stevens Corporation, started by his grandfather and expanded by his father, and located in a small upstate New York town. They invented the narrow isle forklifts used in most warehouses. At a recent family business conference, I heard him tell the story of his family business being sold, 3 times in total. The first two involved the Stevens Corporation going public, and then going private to BT Technologies.
Wittmeyer, Carol (2019). "How to Create Individual Development Plans for Business Success." Shoe Retailing Today .
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