Family businesses grapple with how to cultivate the skills the Rising Gen needs to carry the business forward. Often their solution is to appoint the Rising Gen members to the board, testing leadership potential and honing business skills. But too often there’s not much thought behind this strategy.
For the Rising Gen to succeed, board placement must be deliberate. It requires careful consideration about which board the Rising Gen members will join, a clear selection process, intentional preparation for their role, and guidance on how they can contribute effectively once they’re on the board.
If your family business wants to appoint Rising Gen members to a board, here are four tasks you need to complete as preparation. You can read about them in “Board Membership for the Rising Generation.”
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