An old, family-held bank faced major challenges when the industry’s regulatory environment began to change dramatically.
In addition, a hands-off approach to managing staff was hindering effectiveness, at the same time the bank was facing stiff competition from larger banks.
As leadership passed to the 11th generation, it was evident to family members that traditional “club” style management was no longer tenable. Further, regulators were insisting that outsiders sit on the board.
TAI began working with the new generation of family partners. After detailed interviews with partners and staff, goals were identified for a two-year program:
•Develop each partner’s personal leadership
•Unify partners to act in concert to address challenges
•Empower them to become effective communicators with employees, clients and potential clients
Working with each partner individually, TAI discovered their personal motivations and drivers. We explored how they see the world, focusing on strengthening the personal and professional alignment between each member, teaching them to work as a cohesive group, and lay out a collective vision for the business. Soon, their own unique leadership styles emerged, based on mutual respect, allowing them to be more effective in all of their relationships.
The Results: A Re-energized Bank; a Stronger Family Business
The results? The bank’s business and revenues are soaring. (For the first time in the bank’s history, the partners were secure enough to name a chairman who was not a family member – who implemented successful new strategies for growth.) The partners say they have grown significantly, with better strategic thinking, and successful new business wins overseas. TAI’s work equipped the partners with the tools and confidence critical for the bank’s continued growth.