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 currently not be dependent on the business for their financial and emotional fulfillment. 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 becomes a key lever to the business’ survival and longevity.
Simultaneously older generation family members need to recognize that the next generation is the real capital on which growth can occur. Through the process, the next generation should see themselves as the foundation stones on whom the business can grow, and should see the value and significance of staying within the realms of the family business. 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.
PeriGrow helps assist the next generation with:
- Assessing the next generation members’ strengths and areas of development
- Defining their role in the business and recommending relevant training options to them for the same
- Unlocking the potential of the next generation and creating opportunities for them
- Integrating the newer generations with the older ones