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Resilience and self-reliance
Life brings many challenges. One of the greatest assets a person can have is the ability to handle adversity. At the beginning of most family business stories is a story of overcoming adversity. Too often the other end of the family business story is young people being handed too much too easily. In the end this can be a great disservice to the next generation.
I know that as a parent we are anxious when we push our kids out into the world to find their way, but at the same time it is one of the most important gifts we can give them. I am encouraging every family to have an employment policy that requires the next generation to go out and on their own for two years before joining the family business.
Healthy individual identity
Young people need to find out who they are outside the context of the family business. I grew up in a family business that had great name recognition in our town and it was a good feeling. But it was an even better feeling when I created my own accomplishments and began to know who I was outside of the family business circle.
When I got asked to lead at my Rotary Club, industry association, and Little League, I began to know my inherent strengths and leadership ability outside of business. It was a great feeling.
I see a stark difference in the confidence and abilities of next gen’s who apply themselves and create success in areas outside of the family business.
When a healthy individual identity is created outside of the family business that person becomes 10 times more valuable inside the family business!
A fulfilling career
So many of us want to see the family business continue but I would rather see my children in careers that are personally rewarding. We should encourage our children to explore and understand their strengths and find careers that play to these strengths. I see many 45 and 50-year-olds that find themselves 20 years into the family business career and are left unfulfilled, wondering if they should have pursued their passion.
Make sure, encourage, and demand that the next generation explores their strengths and passions fully before dedicating themselves to a career in the family business.
Emotional and financial security
Many family businesses give next gen’s a great leg up on the financial security piece but I find many times the emotional security and well-being is not great.
Family leaders should help next gen’s find out who they are, find rewarding and meaningful work, create a strong individual identity and then they will have the greatest combination of all: great emotional and financial security.
Happiness
Isn’t that what it should all be about? I’m not trying to say life should be easy or simple but at the end of the day the greatest gift in life is to find happiness in all of our day-to-day trials and tribulations.
I see many people who sort of fall into the family business and then at some point look up and realize that they are not happy for a variety of reasons. Life is short and we should help the youngsters learn how to be thoughtful and courageous about taking responsibility and setting their own course for happiness in their life.