A really great piece from Claer Barrett in the FT on the way that the current generation are prepping the next generation to take over roles in the family firm.
Covering topics such as the fear of the next generation having the requisite skills to match their parents, the need to address entitlement and the work ethic of the next generation too.
A great piece on the next gen and what it means to them to work towards taking over roles in the family firm too! Well worth a read.
In my day, they were called trustafarians. Then came The Rich Kids of Instagram. Today, children with wealthy parents who shun conspicuous consumption have coined their own term — the “Next Gen”. I first heard the term last month, when I attended the Family Business United conference — a huge gathering of successful family-run firms held at the Royal Geographical Society in Kensington. Ironically, I got completely lost on the way to the venue and arrived just in time for the talk on succession planning. Being born into a successful family business is not the bed of roses you might think it is. Many of the next generation worry whether they are good enough to take the reins or fret about the “entitlement issues” of their siblings.