Mentors Aid Successor Development

Mentors Aid Successor Development

by Craig E. Aronoff, Ph.D., and John L. Ward, Ph.D.
Co-Founders and Principles of the Family Business Consulting Group

Pairing up with a personal mentor for three to five years can be invaluable to a successor.

A mentor’s job, in part, is to help the successor learn to exercise judgment, take risks, accept a philosophical commitment to sharing and relate to people in an empathetic and intuitive way. The mentor also may confer specific business knowledge, particularly if he or she is skilled in areas the successor wants to develop.

A primary qualification of a mentor is a keen regard for the successor’s best interests and a desire to help the successor become even more successful than the mentor. The mentor must be someone who would never feel threatened by even the wildest success on the part of the successor. More…