NEXT GENERATION DEVELOPMENT

There is great pride in seeing the next generation develop into leaders and make a positive impact. And it can be challenging to objectively balance the needs of the family and the needs of the family enterprise when it comes to our children.

Every child has the potential to be a leader in some area of his or her life. They may not have the passion, interest, or appreciation for what it takes to lead the family business.

A common question families ask is  "When is the right time to start?" As the Chinese proverb says, “The best time to plant a tree was 20 years ago. The second-best time is now.” So, it is never too early or too late to start! 

How do we turn potential into success? What skills and structures are needed to develop future leaders and owners?

• Verify skills to nurture – adaptability, curiosity, determination, self-confidence, emotional intelligence etc. 
• Teach and model responsibility 
• Intentional career development paths with expectations and accountability 
• The value of experience outside of the family business 
• Objective definition of the needs of the business - character and talent  
• Mentorship from nonfamily leaders 
• Qualification criteria for owners – stewardship of the future, manage risk 
• Matching talents to the right roles 
• Development plans for skill gaps