Empowering NextGen Leaders: Building a Lasting Legacy in Family Businesses

I have the privilege of working closely with many Family Business owners and NextGeners, and one of the topics that frequently come up in these conversations is “Legacy”. The transition from one generation to the next can be both exhilarating and intimidating, with NextGeners often grappling with the weight of preserving a family legacy while carving their own identity.

The questions that arise in the minds of NextGeners are natural and reflective of their sense of responsibility. "Can I do this?" and "Will I command the same level of respect as my great dad or mum?" stem from a desire to honor and build upon the hard work and success of their predecessors. While these concerns are valid, they can also create a sense of pressure that may inadvertently lead to leadership styles driven by fear and control.

Thankfully through the work we do, we have the opportunity to shift this narrative and instill a sense of empowerment in the NextGeners. By reframing their perspective, we can help them envision a bolder and bigger mandate for themselves and the business they are inheriting.

At the heart of this transformation lies the understanding of the big picture and the purpose behind the family business. We encourage NextGeners to explore fundamental questions that underpin the family's lasting legacy:

1. The Why: What is the purpose of the family business? Beyond profitability, what broader impact does it seek to make in the world? By aligning their purpose with that of the business, NextGeners can find a sense of meaning and motivation that goes beyond the financial bottom line.

2. The Family's Values: What are the values that have guided the family through generations? Understanding these core values can serve as a compass, guiding NextGeners in making decisions that resonate with the family's ethos.

3. Mutual Benefits: Why does the family want to be in business together? Identifying the mutual benefits of working together as a family can strengthen the bonds and commitment to collective success.

4. The Growth mindset: How can the NextGeners add value to the business and build upon the foundation laid by their predecessors? Encouraging a growth mindset empowers them to embrace innovation and adaptability, essential qualities in today's business environment.

5. Leverage Past Legacies: What legacy does the family wish to build for the future? Recognizing that they are not starting from scratch but building upon the achievements of prior generations can instill a sense of continuity and pride in their role as custodians of the family's heritage.

By addressing these foundational questions, we empower NextGeners to view their role as not just successors but as architects of a thriving and sustainable legacy. It is essential to communicate that they need not replicate the past, but rather, they have the opportunity to honor it while charting their own unique course.

A lasting impression on the minds of NextGeners can be cultivated through open dialogue, mentorship, and the creation of a safe space for exploration. This way, they can embrace their potential as visionary leaders and change-makers.

Building a legacy is not just about preserving the past; it is about shaping the future. By encouraging NextGeners to envision a bigger and bolder mandate for themselves and the family business, we can pave the way for their active engagement and commitment to a legacy that stands the test of time.

As we embark on this journey of transformation, let us remember that true legacy lies not only in financial success but in the positive impact we create in the lives of our stakeholders and the broader community.