A successful family enterprise must be renewed and transformed every generation. The family together must develop a clear vision proceeding from their values, and a Roadmap for getting there. This process is guided by a committed and capable cross-generation team that develops the family and the business, and serves individuals, the family as a whole, the business and society.
Next Generation Development
Each new generation must get to know each other, and renew their commitment to the family enterprise. They must decide if they want the family enterprise to continue, and how they want to be part of it. To do this, they need to meet on their own as a generational team, and then work with the existing leaders to design a process for innovation, transition and succession.
The family also needs to support and help each member of this new generation to attend to their personal development, and learn new skills to serve the family in various governance roles. They may want to develop family education programs.
Cross-Generational Roadmap
To reach the next generation, the family must anticipate what they need in the future, while respecting the legacy and values of the past. This is a challenge; different family members have different needs and perspectives. A family often needs an advisor to work with them to design their Roadmap. By convening a steering committee of key family members representing different generations, the family can listen to and align the many perspectives and design a plan for change and innovation.
Sustainability and the Family Enterprise
This new direction often comes about through the leadership of the rising generation. After creating wealth, a family enterprise holds values about the future that have to do with making a difference in their community and the world. Next generation families are as concerned with their social and philanthropic vision as with business development. The family has to look at the long-term impact they want to have with their wealth and other forms of family capital, and implement their social vision.
In order to prioritize the family enterprise, it is vital for families to hold an honest sustainability conversation, to imagine and create their vision for a global sustainable future.
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