A team approach to business success

Several surveys show that just over 40 % of business leaders are considering transferring their company to more than one "successor" (e.g. MassMutual, 2007). Similarly, Cater and Justis (2010) assert that shared leadership between members of a business family is a common practice.

The idea of the entrepreneur as solitary hero was very popular with the baby-boomer generation. However, generations X and Y are more aware of teamwork and value shared leadership. Whether it's to grow faster, raise more capital, benefit from an extended network of contacts, or facilitate work-life balance, the benefits of team entrepreneurship can be many and seductive.

This raises other questions. How is leadership shared? How do you organize yourself to lead with others? How do you prepare for the takeover of a manager by a takeover team? What are the best practices for handing over to several buyers?

Since the issues and challenges facing families in business are at the heart of the "Families in Business" mission, this booklet will focus on team-based family entrepreneurship, and attempt to answer these questions.

As team-based entrepreneurship becomes increasingly popular, it is possible to identify best practices and draw inspiration from them. Its many advantages should convince many to try it...