Developing the next generation is a process, not an event, that requires deliberate strategies, oversight and patience. The development process spans a wide range of ages and activities, from very young children who are learning the family’s values, to young adults who are deciding their professional career paths, to adults who assume leadership and wealth generating responsibilities, to parents who are raising the young generation. Families need to be investing in next generation development on a constant basis and for many roles.
Professor John Davis’ new Framework for Family Sustainability identifies Development of Family Talent as one of the core tenants of long-term family success. His research has led to the rethinking of succession in family enterprises: It is necessary, but not sufficient, to groom the generation business leader. Next generation members need to be developed for a myriad of roles, including business leader, board member, owner, entrepreneur, wealth generator, family leader, family unifier, and more.
How to identify these roles, and help the next generation prepare for them, is the essence of the Developing the Next Generation Conference, where new concepts and grounded practices will be shared by academics, experts and families.
Why Develop the Next Generation?
For a family enterprise to endure over the long-term, the next generation must be ready to lead. If the baton is not passed to a capable next generation, it could mean the end of a family’s joint economic interests. Without this, families often lose their unity and common identity, and eventually atrophy. For families that are intent on remaining united and successful over the long-term, it is essential for the next generation to be developed to carry out the key roles that keep family enterprises and families prospering.
Participants will learn:
• The myriad of key roles in the family enterprise that need to be filled by competent next generation members
• What a wealth generator does, why they are important to your family, and how to develop them
• How to develop members of the millennial generation
• How to harness entrepreneurship to add value to society and your family
• How to delicately manage dysfunctional family dynamics among siblings and cousins
• How to financially educate young children
• Principles of a successful succession process to the next generation
• Lessons of leadership in the family enterprise