William is 32 and a sixth-generation member of a successful business family. When asked what he wanted from his career, he said he wanted to be known for his first name, not his last. Growing up, everyone assumed he would follow the family path. Nobody ever asked what he wanted.
When wealth is transferred instead of being built, some heirs become so worried about damaging what earlier generations made that they stop making effectual decisions entirely. One third-generation owner even described himself as a placeholder in his family’s history. He was merely a beneficiary of a trust, he believed, created before he was born that will long outlast him.
Far too many Next Gen members lack confidence in their self-identity, especially when they inherit a well-oiled business.
This article covers the four consequential steps for guiding a Next Gen member through this dilemma.
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