Educating the rising generation
As future leaders of the family and its wealth, rising-generation members need an opportunity to grow and develop in ways that will prepare them for a successful leadership and stewardship role down the road.
Engagement is created through increased opportunities for younger family members intended to develop and expose them to experiences and responsibilities that will benefit them later in life. This could be through experiential learning, junior boards, family foundations, philanthropic activities or leadership roles in the family meeting.
Adopting learning as a core value will position the family for well-sustained succession.
Milliennials in family firms seek purpose, clarity and flexibility in their family governance structures. Creating systems and opportunities t empower them is a proactive way to embrace their involvement. For example, families can provide opportunities for their young adults to coordinate and produce educational and leadership programming specific to their needs.
Integration is more systemic and sustainable over the long term if the rising generations are involved in setting part of the family meeting agenda or developing programming. This allows the rising generation the runway to vet ideas and propose interests within the parameters of the family’s governance and values.
Family meetings and facilitated discussions can provide valuable opportunities for each family member to express passions, purpose and intention. Practicing key communication and facilitation techniques can make a difference in the outcome of these meetings.