The Next Generation
In 2014 Price Waterhouse Coopers released the findings of their Family Business Survey- Bridging the Gap. They interviewed 207 next gen family business leaders. They found them to be ambitious with big ideas and eager to make changes, hardworking but knowing they always have to prove themselves and the majority identified gaining the respect of their co-workers as their biggest challenge.
These are all desirable qualities that any enterprising family business would rush to harness.
However, as the study points out, it is that transition between the generations that can make or break the family business.
There are ways of integrating the next generation into the family business that significantly increase the chances of a successful transition and the ongoing growth of the enterprise.
This 5 minute video by Dr Ivan Landsberg offers Four Tips for Embracing Leadership Roles in your Family Enterprise.
- Build your own vision of the world. Bring it back to your family business. (Explore, make mistakes elsewhere and learn from them).
- Accept that leadership roles come with your skills being tested. (You will be challenged).
- Accept the challenge of taking risks in the family enterprise. (You can’t earn authority unless you are exposed to the risk of failing).
- Choose the family business for meaningful reasons. (There has to be alignment between the person and the objectives of the company).
Dr Landsberg is is an organizational psychologist, global leader in family business advising and now teaches family business at the Kellogg School of Management.