Parents of young adult children often face timeless challenges. Whether leading a family office or family business, what happens when the offspring don’t want to step into a leadership role? Generation Zs, or those born between 1995 and 2009, are the next cadre currently being groomed today for leadership tomorrow.
But what if they decline or are simply not interested? Many elders hope they’ll take the reins one day, but today, some of their children have other plans – or no plans at all. They may seek an education and career that will take them far afield from the family enterprise. It’s understandable. Young 20-somethings have college or careers in mind, which might be more intriguing to them than a position on the family board.
That can be frustrating to the current leaders. In some situations, the family has diligently groomed their child for that future role. In others, the family’s intent for the next generation was never clearly laid out. The message lost – or never shared.
This is why preparation needs to begin at an early age. This could be a grade-schooler who visits the family office or business with their parents, uncles or aunts, or even older siblings who embrace their own future roles. Active – and actively led – involvement can help send a positive message or instil business principles. You want to help them learn the business, cut their teeth, maybe create small successes that can lead to a positive nurturing.
The goal is to help the maturing student see and feel their place and their role in the enterprise. Let them try, fail and learn from their mistakes, this will help them build their foundation.
Who’s sharing that message or teaching that lesson? While the family leadership might be qualified, they aren’t necessarily the right instructor or mentor for the job. Who can help create the guardrails to introduce the child to the business, encourage their participation, even answer their questions about whether they even want to be part of the organisation’s future?
Look around your office or business. Who do you connect with, and – ideally, by extension – who does your adult child connect with? Your attorney or accountant might not necessarily be the businessperson you need. Your broker may know investments, but do they know the business’s operations or the nuances that make it unique.
Explore the periphery of your organisation. Who connects across generations, who has a solid understanding of family dynamics? Who has experience dealing with a child who has lived large and fancy-free when they were younger, but now needs to settle down? Many children don’t just wake up and know the family office or business, even if they were raised in it. They might need a C-change in their attitude.
Beyond education, children need grounding from someone that’s keenly aware of their unique differences. Their approach – their groove – is different from that of their parents. By shadowing an elder in comfort, children can make – and learn from – their mistakes. They will become the foundation for future success.
If you find yourself hoping to guide a reluctant child into a future role in the enterprise, let’s talk. As a parent of adult children of my own, and countless clients whose children once were reluctant to take roles on the family board or business, but now hold senior roles there, I can help put those guardrails in place and prepare all your family members for future leadership.
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