Transcript
A (0:04)
Hey there, agile adventurer, just a quick question. What if for the price of a fancy coffee or half a pizza, you could unlock over 700 hours of the best agile content on the planet? That's audio, video, E courses, books, presentations, all that you can think of. But you can also join live calls with world class practitioners and hang out in a flame warfree and AI slop clean slack with the sharpest minds in the game. Oh, and yes, you get direct access to me, Vasko, your Scrum Master Toolbox podcast. No, this is not a drill. It's the Scrum Master Toolbox membership. And it's your unfair advantage in the agile world. So if you want to know more, go check out scrummastertoolbox.org membership. That's scrummastertoolbox.org Membership. And check out all the goodies we have for you. Do it now. But if you're not doing it now, let's listen to the podcast.
B (1:11)
Hello everybody. Welcome to our Coaching Wednesday and this week we have with us Lai Ling Su. Hey, Lai Ling, welcome back.
C (1:21)
Hey, thanks Vasco. I've got a really interesting topic that I'd love to unpick with you today.
B (1:26)
Absolutely. So for those of us listening to this episode for the first time, others will already know this is the coaching episode where we explore a topic that is the biggest challenge is what we ask our guests like Lai Ling today. It doesn't need to be the only challenge, but it needs to be one challenge that we explore together in a coaching conversation because this is what we need to do every day as Scrum Masters. So Lai Ling, share with us, what topic do you bring to us this week?
C (1:58)
Okay, Vasco, so I am going to speak in general terms to protect the confidentiality of the nature of the conversations that I've been having. But I think there's enough in sort of the demographic patterns at a systems level for us to dive in and explore a little bit. So Australia is on the brink of the largest sort of intergenerational wealth transfer in its history. And over the next couple of decades, three and a half trillion dollars in business and personal wealth is going to get transferred or change hand as businesses, property investments and so forth passed to the next generation. And your listeners might be thinking, well, who cares. But to put that into perspective, private and family owned businesses generate about a third of Australia's $1.75 trillion GDP, provide jobs for about 5.3 million people, which is about 4,40ish percent of the private workforce in this country and 70% of those private and family businesses are planning to sell or succeed in the coming years with this generational change. And what's going to really deeply hit us is that with this generational change, business leadership transitions are being enacted as a part of this transfer. And what I mean by that is you start to see changes in your executive leadership, your CEOs, your business owners, the people who are driving decisions and leading these businesses for the next generation, for the next few decades. And so the leadership styles that we've been used to over the last few decades is going to shift. And we have a once in a generational or once in a lifetime type of opportunity to fundamentally work with these leaders, to shift the workplace environments and the workplace dynamics in the way that we've been trying to craft in the world of product and agile and whatnot for the last few decades on our own, whether from the ground up or in conjunction with the existing leaders. And so I've been spending a lot of time engaging more and more with these business owners who are about to Retire, or the CEOs that are coming in as first time CEOs, either coming through from the family and stepping into these roles with no full breadth and depth of capability to lead or grow These businesses that have to deal with these previous generational owners who don't want to let go yet because they've spent their lifetime building these businesses and they don't want to know what happens when they let go of control, let go of things to flow into the next generation. Or You've got external CEOs coming in after a sale or after a child says to their retiring parent, I don't want to run the business. And these external CEOs are coming in and doing things wildly different to how the business was originally built, and they're facing significant resistance in doing so. And so these and other sort of business leadership transfer scenarios are creating leadership vacuums that are stalling decisions, losing confidence of the customers and the communities that they serve, and they're fracturing what were possibly once really tight knit teams, really high performing tight knit teams.
