A misconception persists in the family business space: the eldest sibling is best equipped to take over the family business. This mindset can stymie long-term growth, because the eldest sibling isn’t always best cut out to take over. As such, family businesses should spend the Next Gen’s formative years identifying leadership potential—and then further building that talent.
One key leadership characteristic that families should identify in the Next Gen is emotional intelligence. Ask yourself:
- Does the Next Gen member recognize the impact their emotions have on their decision-making?
- Can they relate to the perspectives of others?
- Can they constructively resolve issues without jeopardizing family and non-family relationships?
There are five other leadership characteristics families should be on the lookout for in the Next Gen. Identifying these characteristics is only step one. The next step is developing leadership potential in the Next Gen—and you can read about in this article.
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