“Who am I independent of my family?” For some inheritors, taking over the family enterprise gives them purpose. Engaging in the business delivers a sense of accomplishment and fulfillment. But not all inheritors feel the same. Some are afraid of messing up what prior generations have accomplished. Or they’re concerned with making the wrong decision, so they don’t make any at all. Ultimately, they lack the freedom to find their purpose in life.
Many inheritors of successful family enterprises are labeled as privileged, according to research conducted by Alison Isaacson and Judy Lin Walsh. Often, inheritors are put under a spotlight of intense scrutiny. Will they live up to the former generation? Or will they make mistakes that negatively impact the business? But they can also be coddled—by the former generation and advisors, alike. As such, inheritors feel unmotivated to become their own person. So, how does a Rising Gen develop a positive relationship with their inheritance while finding confidence in their self-identity?
Check out the four steps to inspire the Rising Gen on their journey to self-actualization in “The Inheritance Experience.” Be sure to read until the end. The authors provide additional tips for advisors working with Rising Gen members who feel lost within the family enterprise.
Read about the Rising Gen finding confidence in self-identity here.
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