Developing the Next Generation of Leaders in Your Family Business

One of the most consequential decisions a family business leader can make is spotting and developing the next generation of leaders. But it’s important to understand that not all high-potentials are created equally. Some may be more prone to develop a very high level of strategic orientation; but that will never happen if you don’t involve them in the most strategic projects your firm is facing. Others may show the seeds of wonderful levels of team and change leadership; but, that seed will never bear fruit if you don’t give them the chance to actually lead. Once you have identified your future leaders, it’s important to candidly share this perspective with them, so as to check their personal motivation towards potential roles in the firm. Some might opt for a full-time executive role, while others might prefer the road to a more limited yet still essential part-time contribution. Making these choices with a full understanding of their realistic possibilities will make the trade-offs much easier and more powerful. Just as important, you will be giving your next generation the chance to live a happy life of impact and purpose, while at the same time becoming the great leaders they were always meant to be.