Myths and Mortals: Family Business Leadership and Succession Planning

PRAISE FOR MYTHS & MORTALS

"Fascinating book filled with insights, lessons, and stories about what it′s like to earn credibility and find your identity. I would recommend this to any business leader. The research and advice in this book is invaluable to all leaders of family owned businesses."
Ori Brafman, New York Times Bestselling author of the books Click and Sway

"The nature of leadership generally and particularly the process of succession to leadership has been a perennial question for students of families, tribes, nations, and empires since the advent of writing. Andrew Keyt is the next serious author to add to the world′s knowledge on these subjects and in his book Myths & Mortals specifically to these issues in family businesses."
James (Jay) E. Hughes, Jr, author of Family Wealth Keeping it in the Family and co–author of The Voice of the Rising Generation: Family Wealth and Wisdom

"Myths & Mortals speaks to the core issues facing successors to family businesses and defines a path to step out of the shadows of the family mythology. Andrew Keyt recounts both the successes and failures of storied next generation family business leaders as they navigate ′the Successor′s Curse.′ This work should be required reading for all current and future leaders of family owned businesses who want to ensure the success of their family and its business for many generations."
Kathryn M. McCarthy, Family Wealth Advisor & Director of the Rockefeller Trust Company, NA

"Andrew′s book is full of powerful insight and lessons to help generations of family business owners to be successful."
Mac Anderson, Founder of Successories and Simple Truths and author or co–author of 22 books that have sold over 3 million copies

Preface

Acknowledgments

Prologue

Born in the Shadows

Grappling with the humanity of the hero

Born in the Shadows

Definition of the Myth

A Journey to Generative Leadership

I Am Not My Father (Differentiation)

It Takes a Personal Vision

Moving the Past into the Future

Chapter 1 Making of a Myth
How stories of heroism help and harm a successor

The Power of the Myth

The Good Story

The Bad Story

Understanding the Reality of the Myth

Origins of the Myth

Feeding the Myth

If It Makes You Happy

Keeping the Next Generation in the Shadows

Idealization of the Child

Parentification of the Child

Infantalization of the Successor

Idealization s Alter–Ego

Reality and True Truth

Chapter 2 Out of the Shadows
The journey of the successor to lead apart from the myth

Differentiation and the Life Cycle

Attending 0–18 months)

Power 18–36 Months)

Responsibility and Conscience 36 months 5 years)

Competency   – Latency Age 5/6 11)

Separation – Adolescence 12–23)

Early Adulthood 20s–30s)

Overcoming the Successor s Curse

From Hero to Human: Deconstructing the Myth of the Founder

When Successors Chart Their Own Course

When Idealization Interferes

Shining the Light Inward

Asserting the Self in the Family Legacy

Chapter 3 You Gotta Earn It
Earning your way to the top

Your Own Way

Be Honest with Yourself

I Go Blind

How Parents Can Help

Building Belief in Others

Building Resiliency

Show Up for Work

Chapter 4 The Strength of Failure
Running the obstacle course of success

Developing Gut Instincts: Learning through Action

The Hard Road to Leadership

No Mistakes; Just Learning

Supporting Failure

Obstacle Courses

The Family Launching Pad: Go Out and Get It

The Shape of Success

Chapter 5 I Can See Clearly Now
The origins of a fresh vision for the family business

A Story for the Future: Mission, Vision, and Values

Respect the Past; Do What s Right for the Future

The Rudder of Conviction

Working through Personal Values

Family Planning

Mission

Back to the Future

Chapter 6 Non–Stop Learning
Know your weakness and improve

Sustaining Credibility

Respectfully Pushing the Limits

Defining Success: Future Forward

Know Thy Motives

The Necessity of Continual Development

Disciple of the Disciplines

Staying Power

Chapter 7 Feed the Family

Caring for relationships, caring for the business

Dare to Be Different

Heart and Soul

Family Assets

How Competition Can Cripple

From the Founder to the Family

Next Generation

Chapter 8 Me vs. We
Sharing the glory of the family business story

The I in the We

From Legendary to Ordinary

When the Magnetic Center Is Gone

Feels like Family

More than Money

Dream Weaver

The Brick Wall

Re–Generation

Chapter 9 Decisions. Decisions
Decisiveness amidst ambiguity

The Great Differentiator

Cutting the Gordian Knot

One Damn Decision after Another

Failure Makes the Business Hero

Trap of Perfectionism

Think and Do: The Decision Making Process

Must–Have Courage

A Sense of Where You Are

Reorientation

The Orientation–Locked Family

A Decisive Workforce

Willing to Fail

Chapter 10 The Inner Light
A plan to illuminate a successor s path

Bill Wrigley s Strategic Plan

A Plan to Differentiate

True North

Values

Mission

Action Plan

A Flexible Plan

Let There Be Love

Let There Be Light

Epilogue: Stepping Out of the Shadows and Into the Light of Your Leadership
Identifying the Myths

Self

Building Internal Credibility

Building External Credibility

Appendix A A Path to Generativity

Appendix B A Generative Retreat (1/3 Activity, 1/3 reflection, 1/3 planning)

About the Author

Index

ANDREW KEYT is the Executive Director of the Family Business Center at Loyola University Chicago′s Quinlan School of Business, one of the world′s leading educational organizations for family businesses. He is also the Founder and President of Keyt Consulting, a firm that assists family enterprises with succession, strategy, and next generation development. He also serves as the CEO and President of Family Business Network–North America (FBN–NA) the world′s leading private network of family business owners.