Families who have accumulated wealth and own family enterprises ponder how to pass on wealth and leadership to their children. They want their children to develop positive values and skills, and not be hindered by the wealth they inherit. They want the passage from childhood to adulthood to go well, but are unsure how to ensure a positive outcome.
But positive outcomes can be hard to come by. These transitions can be fraught with hurt feelings, resentments, mixed expectations, and even business failure. Difficulties arise from a lack of clear communication between the generations and in seeing others’ perspective, needs, or concerns.
The business owner has created something that he wants to see continue and thrive. He has built up a vast store of experience and wonders how to pass it to his successor. But the challenge lies in letting go. The younger generation has to take on ownership and control, and at a certain point will have to make decisions. It is hard for the original owner to sit back and watch rather than influence. Too often, conversations between the two are at cross-purposes. Each generation is unaware of the concerns of the other.
The process often becomes derailed because each generation views the future with a different set of eyes:
Older generations’ concerns
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How will the business provide me with retirement income?
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What will I do if I do not run the business?
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Will my son/daughter do a good job?
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How much can I influence the business when I leave it?
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What will be my legacy?
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What can I do for my other children?
Younger generations’ concerns
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