This piece gives an interesting stance on the role of the next generation and how they feel about entering the family firm.
On one hand, there may be an element of duty, burden to step up the business has been with the family for generations, and conversely, desire to get involved for the very same reason.
Business first and the needs of the business are paramount because for the future of all concerned, the business needs to be sustainable. Many next generation members take on the challenge with the aim of passing the business on in a better state than that which they inherited, a noble ambition to say the least.
However, businesses need to evolve to remain current and the needs of the business have to come first. Both generations involved need to take a pragmatic view, the next generation may want to be the next leader but do they have the right skills to take it on and does the business have the right openings to accommodate them? These are big questions that need honest appraisal and debate.
Skills can be learned and succession planned in terms of the process but the next generation not only need to want to step up, they need to have the skills to do so and the business needs to be put first.
Tough decisions may be called for but at the end of the day are what the family needs to safeguard the key asset for the future.
One of the hot discussion topics is the question of whether and how they want to start in their family’s business.