For a family business to succeed long-term it must effectively transition leadership. It seems obvious, right? But business continuity planning is challenging. One of the greatest challenges: preparing the Rising Gen to take over. Rising Gen family members often struggle with the responsibilities and pressure of taking over the business. They don’t know how to engage in the business. Or they don’t know how to lead effectively. They need help.
To help the Rising Gen determine their own path, Jeremy S. Lurey and Joshua Nacht recommend leadership development planning at three key career stages. For the first stage of their career, Rising Gen should gain professional work experience and develop functional skills. But they have a hard time achieving this when they work for the family business. What’s the solution?
“Leadership Development Planning: Guidance for the Rising Generation” tackles this question. Read the article and come away with practical tips on how to prepare the Rising Gen for leadership within a family business.
Read about how to approach succession planning with resistant leaders here.
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