Effectively preparing members of the next generation for a variety of diverse roles within the family enterprise is necessary to ensuring the multigenerational success of the family and its business activities. Over the years, a number of contributors to FFI Practitioner have examined different aspects related to NextGen development and intergenerational communication. This week, we are pleased to feature several of these editions.
NextGen Development and Education
Educating members of the next generation and preparing them for a variety of possible roles within a family enterprise is integral for preserving the family’s legacy and helping to ensure multi-generational success. This process may include imparting family values, historical lessons, industry-specific skills, and competencies required of effective future owners.
Below please find a selection of FFI Practitioner editions that highlight the importance of NextGen education and development through multiple lenses:
“Education and Development: Preparing NextGen members for family enterprise ownership” by Juan Pablo Cerón and Phoebe Clark
“Rising to the Occasion: Next-Generation Leadership Building in Indian Family Businesses” by Navneet Bhatnagar
Effective Communication with NextGen Family Members
Establishing effective intergenerational communication in a family enterprise is equally important to sustaining its long-term success. By fostering an open dialogue, the accumulated wisdom of the current generation(s) can converge with the fresh perspectives of the next. This exchange not only serves to preserve the core family values but also drive innovation and adaptation, helping to ensure the business’ longevity and relevance in a turbulent environment.
The following FFI Practitioner editions highlight several aspects related to effective intergenerational communication practices:
“Discussing Prenuptial Agreements with Next-Generation Family Members” by Matthew Erskine
“How to Break a Vicious Intergenerational Cycle in Family Enterprises” by Eduardo Gentil, Bruna Tokunaga Dias, and Renata Brecailo
“To Empower Members of the Next Generation, We Need to Answer Their Questions” by Peter Jaskiewicz, Sabine Rau, and Katrina Barclay