How the Next Generation Can Earn Legitimacy, Respect and Loyalty

Handing off the leadership of a family business is never easy, especially when the heir is viewed as entitled to the crown, rather than deserving of it. This interview with Robert Buday, author of the new book Competing on Thought Leadership, discusses how the next generation can gain legitimacy, respect and loyalty.

The key is helping the heir apparent become a thought leader: an expert in solving complex customer problems, and a visionary about what could come next. Buday discusses why the next generation should do internal research to gain a firm grasp of the company's strengths, become students of what works best at other firms, and be enthusiastic about recognizing the firm's employees and giving them the spotlight with customers and suppliers.