When it comes to family businesses, legacy is the connective tissue which binds the core purpose of the business – the values and achievements– accumulated across generations. The next gen of any legacy family business can make-orbreak the heirloom. To ensure a smooth functioning of the business, it is imperative to have a transformative induction plan in advance coupled with role clarity, accountability trackers, quarterly dialogues, industry leader mentorship and external work experience.
“To truly nurture the next generation, we must plant the seeds of knowledge and passion early, allowing them to blossom into capable stewards of the legacy. They should be imparted the necessary skills to successfully integrate into the family business ecosystem. The current generation must be clear about the roles the next-gen will play, whether they will be owner-managers, owner-strategists, or owner-investors, setting clear expectations and empowering them at the right time. Resources and capabilities should be gradually scaled-up in the system accordingly to support the next gen,” said Dr. Tatwamasi Dixit, Chairman at Family Business Research International Centre (FABRIC).
An inherited business is not only about looking back at what is valued from a family point of view, but also about looking forward at what motivates families to want to continue to build on that value through future generations. “There is no cookie cutter framework, as the process is unique to every family business and depends on family and business composition. However, if the next gen has different passion, it’s equally important to support their individual paths while allowing them to continue as owner-investors in the family enterprise,” the Chairman said, explaining about the family value chain.
THE NEXT GEN: NOT AN EASY INHERITANCE
This story is from the August - September 2024 edition of Entrepreneur magazine.
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This story is from the August - September 2024 edition of Entrepreneur magazine.
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