Personality Types:
• Important to know the personalities of family members, and often team members as well.
• People have preferred personality types.

• Personality Tests:
o Myers Briggs
- To find out personality preferences

• 8 Preferences:

o Extrovert
o Introvert

o Sensor
o Intuitive

o Feeling
o Thinking

o Judgmental
o Perceptive

Why is Myers Briggs important in succession?

• Personality preferences can conflict:
o These conflicts can lead to issues with decision making among owners and successors.
o Example: Parent running a business, child comes in to take over and has different
personality type and then struggles to fit in with the team of people who have a
different personality preference.

• Critical to understand who we are, who our team members are, and who our successor(s) are.
o Coping mechanisms: ex. Adapting the team
- Important to understand irritants – useful for team to understand each other.

• Where in the process do you address this?
o Hint: it’s not as you’re walking out the door!

*Example: Son and Father running business, they have different communication styles
and had to adapt their communication in order to work together effectively.