Relationships with rising generations are key to successfully navigating many aspects of multi-generational family companies; these articles include interviews, cases in addition to statistics and research.
Thanks to this week’s author, Natalie McVeigh, for summarizing a recent US-based study on children (ages 16-26) of millionaires, presenting key points that could be useful to advisors, their clients, and researchers globally.
The month-long FFI Practitioner series of pieces relating to the theme of “Reflections” continues this week with an article by the co-chair of FFI Practitioner editorial committee, Jamie Weiner. In this article, Jamie reflects on his own experience growing up with a father who was a “giant” in his community and explores the importance of creating rites of passage for next gen family business members to create their own identity and find their voice when succeeding a parent who is a “giant.”
Thanks to this week’s contributors, Annie Koh and Esther Kong of Singapore Management University for providing a new perspective on how family business advisers can create trust and forge sustainable partnerships with the next generation. Their suggestion? The adviser should play the role of a Connector, Collaborator, and even a Co-Investor.
For this week’s FFI Practitioner, we are excited to share an interview with Kirsten Taylor-Martin about a major piece of research recently conducted by Grant Thornton. The interview, which includes useful tips and insights for advisers working with next gen family members, was actually conducted by a next gen member of Kirsten’s family - her daughter, Angelina Martin!
Despite the potential for next gen donors to become the most significant philanthropists and drivers of family enterprise to date, still little is actually known about the values and tendencies of this vital demographic.
Parents who are owners of family companies are generally intensely interested in their children’s development both as healthy, aspiring individuals and as future owners.
Thanks to Denise Federer for a new take on Next Gen leadership and how advisors can help adult children of business owners gain the respect and trust of company employees.
Family firms play an integral role in many of Asia’s economies. Unlike their counterparts in the United States and Europe, which have several generations of sustained transitions, the majority of Asian family firms are relatively young.
Myth 1: Avoiding talking about business at home generates healthy family relations. Reality: Lack of fluent communication among family members enhances the conflicts they face.
When I was young, I waited every morning with great anticipation for my Dad to take me to Grandpa’s farm. We would spend long days caring for animals and working in the fields.
As I prepared a presentation, the chair of the financial services firm cautioned me, “Please, don’t start with the shirtsleeves to shirtsleeves story; we’re sick of it”.
Daughters raised in family businesses in the Millennial generation are increasingly seeking the opportunity to be leaders at work and within their communities.