One of the most consequential decisions a family business leader can make is spotting and developing the next generation of leaders. However, most family business leaders only consider one family member as a successor and ask, “Will he or she make a great CEO?” rather than thinking of many key family members and the multiple critical potential roles they can play.

Even among leaders who want to conduct rigorous assessments of the next generation’s leadership capabilities, most don’t know what to focus on and many wait too long to ask crucial questions.

Family business expert Claudio Fernández-Aráoz leads an HBR webinar where he will share an effective process for developing the next generation of leadership in a family business. He will discuss:

• Why leaders need to embrace best practices for talent management, which inevitably requires selectivity
• Why leaders must prioritize leadership potential when choosing successors
• The critical task of identifying high potentials and why it is never too early to start
• Understanding how and where future leaders can develop, along which dimensions, and how to put them in the best positions to grow
• The importance of being candid and transparent when sharing perspectives with relevant family members

Passing the torch in a family business can be complicated and challenging. Done correctly, the search and development for future leadership requires paying close attention to the capabilities, potential, and desires of family members. Ultimately, a good process can put the business in a strong position to succeed, while giving family members the chance to live fulfilling lives where they become leaders and achieve impact and purpose in their own unique ways.