The members of Gen 5 were ready to start their careers—not within the family business, but outside it. Their decision wasn’t sudden. Growing up, their father, the fourth-gen president, seldom talked about work at home. And when he did, it was only to talk about the problems. Gen 5 had no connection to, much less interest in, the business.
Most families know they need to prep the Next Gen for eventual takeover. They turn to the obvious things: skill building, hard-cut timelines, and succession plans. What they ignore is truly developing the Next Gen. It starts by cultivating interest in the family business.
Where do families go from there? This article digs into it.
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