A family business is highly dependent on its next generation members to ensure operational perpetuity. However, the next generation members of a family business may not be dependent on the business for their financial and emotional sustenance. In this situation, developing the next generation is a much larger process, requiring thought, planning and careful nurturing of family members. Developing next generation leaders become a key lever to the business’ survival and longevity.
Older generation family members need to recognize that the next generation is the real capital on which growth can occur. The older generation has to carefully work with the next generation to identify their aspirations and dreams and provide them with the platform to succeed, within the family business or outside. Through this process, the next generation will begin to see themselves as the foundation stones on which the business can grow, and will see the value and significance of staying within the realms of the family business.
PeriGrow will help assist the next generation with the development of:
- Assessing the next generation members’ strengths and areas of development
- Designing a career path and recommending relevant training options to them for a suitable role in the business
- Unlocking the potential of the next generation and creating opportunities for them
- Integrating the newer generations with the older ones
- Balancing expectations between generations