“Where will I fit in?” “How will the wealth be divided?” “What will the business look like as the family grows and complexity becomes a factor in governance?”
Those are the questions weighing on future family business leaders.
Senior generations often assume that the rising gen loses sleep over simply running the family company. But, according to a survey of rising gen members conducted by Cornell University’s Smith Family Business Initiative, what rising leaders want most is better communication inside the family. In particular, they want a willingness to put sensitive subjects on the table.
Many rising gens are left guessing about how and when ownership will come to them. They’re also uncertain about how the family’s wealth will be split as the family grows.
This lack of address has a price. Over time, it can curdle into disengagement.
In this interview, the survey’s questions walk through what senior leaders should do about this gap.
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