“Go work somewhere else for three to five years, then come back.” For decades, this has been the standard advice handed to the rising generation. The hope is that rising gen members will gain outside experience, which will then help them succeed within the family business. However, that hope can backfire in a way few families allot for.
A rising gen member who builds a career elsewhere may decide they like it there. Suddenly, the family business is without a potential successor.
Rather than encouraging rising gen members to seek employment outside the family business, families should focus on a more useful question: “What does the next generation need to learn in order to successfully transition inside the family business?”
This article recommends four competency areas the rising gen can work on to be successful within the family business.
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