Recommendations for you

• Understand the perspective of the current generation: Ask questions, and be considerate, but trust your inner voice. Avoid appearing too critical.
• Innovate: In an era of business disruption, don’t be afraid to innovate. Act fast.
• Show gratitude: Respect the current generation’s reasons for the decisions they took, even if you believe change is needed.
• Expand your horizons: Collaborate widely. Do not compare yourself only with your traditional competition, but redefine your competition and the boundaries of your industry.
• Qualify and track progress: Review your work regularly, seek constructive feedback and learn from your mistakes. You have to prove that your transformation is creating a competitive advantage.

Recommendations for the current generation in working with transformers

• Be open to change: Each generation has a different perspective, but it’s best to have a mind-set that is flexible and focussed on ensuring the business remains sustainable.
• Strengthen corporate governance: It is not enough to create an agile organisation adapted to deal with change and disruption. The company needs to be supported by flexible governance structures and an open-minded board prepared to countenance change.
• Mentor: Mentoring is one of the most effective ways to cement your relationship with the NextGen and equip them to take over. It should be a long-term process.
• Instil a culture of openness: Foster a culture that motivates the NextGen by expecting and accepting mistakes and focussing on the lessons they offer. A culture of openness will help to create a common strategy understood by everyone.
• Increase transparency: Be honest and share as much information as possible with the NextGens to help them understand the issues the company faces and grow into seasoned executives.

Recommendations for you 

• Don’t take things for granted: Be mindful of your role, and put purpose and impact at the top of your agenda. 
• Know your background: Be mindful of your family legacy and what your family business stands for.
• Realise that you don’t have to know everything: Be smart, listen and ask questions.
• Find your own motivation: What does your family business mean to you? What is the purpose that drives you? Keep searching for what motivates you.
• Think outside the box: Although you may favour a conservative approach, stay tuned to the trends in your industry and beyond.

Recommendations for the current generation in working with stewards

• Communicate: Be open and transparent, and communicate clearly what you expect from your NextGen family members.
• Set out clear, shared family values: Being explicit about the values that guide your company is a competitive advantage. It will strengthen the culture of the business and make the family more cohesive.
• Allow the NextGen to be themselves: Provide options for them to develop their experience and knowledge, but avoid dictating to them.
• Give the NextGen opportunities to learn from you: Give them access to the inner circle and be open and transparent. Share the lessons of your successes, but more importantly, the lessons of your failures.
• Avoid excessive pressure: The route to success is motivation, not pressure.

Recommendations for you

• Pursue risk taking: Take calculated risks in pursuit of business and personal matters, and communicate and be transparent about how the venture is progressing.
• Take opportunities: Find an opportunity and make maximum use of your family’s resources and network to build the business.
• Strengthen knowledge: Develop in-depth knowledge of the market and region you are entering. Don’t be complacent: Push yourself to excel.
• Align values: Your venture is operating under the family’s umbrella, so ensure it aligns with the values set out by the current generation.
• Innovate: Constantly seek out technological innovations that could benefit your venture or the family business.

Recommendations for the current generation in working with intrapreneurs

• Accept risk taking: Encourage the NextGens to take risks and foster a culture that motivates them. Accept mistakes and focus on the lessons they offer. Consider having deadlines and a formal structure to evaluate the success of the venture.
• Take opportunities: Find opportunities for the NextGen to set up and manage an internal business. Help them develop their leadership qualities.
• Mentor: Provide ideas and feedback, and share experiences from the past. Start this process early in NextGens’ career.
• Promote values: Work together with the NextGens to set out clear values.
• Innovate: Be open to new technologies and innovations. Look for ways to incorporate them into the family business.

Recommendations for you

• Stay connected to your legacy: You come from a background that gives you privileged access to business knowledge and experience. Learn everything you can from your family legacy.
• Acquire knowledge: Become immersed in the field that fascinates you before you attempt to launch a business.
• Create a vision: Set out the mission for your own venture explicitly and make sure everyone involved understands it.
• Seek support: Don’t try to do it on your own. Learn how to delegate and draw on advice and support from your family business as much as possible. Be open to mentoring.
• Trust yourself: Listen to your inner voice and decide for yourself, ultimately, what you believe is great work.

Recommendations for the current generation in working with entrepreneurs

• Prepare for change: Develop an open mind-set and allow your NextGens to develop, even if it means them setting up independently of the family business.
• Support their ambitions: Allow them to work on their business ideas and, where possible, provide expertise, support and mentoring.
• Broaden their work experiences: NextGen entrepreneurs may need to look beyond the family business for the experience and inspiration they need.
• Respect different life choices: Support them in exploring alternative career options or venture opportunities.
• Have faith in their ventures: Show the NextGens you believe in them even though they are not supporting the family business. Know that they are not being disloyal.

You can read all of our NextGen case studies here.

You can read all of our NextGen case studies here.

You can read all of our NextGen case studies here.