(Part 1)
CEOs too often find that the depth of leadership talent
within their organizations is not what it was in the past. Sometimes this is a result of layoffs
or other cutbacks during difficult economic seasons. Sometimes this is a result of natural attrition without
replacing departing talent.
Sometimes the organization has just failed to build up future
leaders. For many business
families, the issue is how to train the next generation to be those future
leaders.
As Baby Boomers plan the transition of the business to the
next generation, it will take intentional effort to help the next generation
grow and develop – and ultimately be prepared to take over the reins. One of the significant advantages of
developing the next generation of the family is that the potential talent pool
already knows and understands the family culture. The investment is truly building the family legacy, but it
takes intentional effort and commitment.
What are a few intentional ways to develop the next
generation?
Continue to develop yourself: As a leader in your family, you
set the example. Seek to learn and grow at whatever stage of life you may be.
The more competent you are, the more likely people are to trust you. Developing
yourself will influence your relations with others, motivate others, and
inspire others.
Carefully select learning projects: Every company has areas of
growth opportunity. Take time to analyze what the business will face in the
future. Then, have the next
generation take responsibility for beginning the investigation and data
gathering regarding how the business can address the issue. The opportunity to
learn the business, craft analysis, and present (and support!) their
conclusions will help the next generation learn to face future business issues
head-on.
Utilize 360 Degree Feedback: 360 degree feedback can prove
invaluable to gain deeper insight into how others view leaders. Many times, we
don’t know what we don’t know, which can create bigger problems later on. This
kind of feedback can be a very valuable learning opportunity, but it must be done carefully. It has
the potential of crushing the spirit if the process is mishandled. It must be
done in an environment of trust, care, and confidentiality and is often best
done by an independent, unbiased third party. The rewards of this kind of feedback can be high, as long as
it is managed properly.
Nurturing and developing the next generation can be a very
rewarding journey.
Moreover, it
supports and builds the family legacy.
However, it takes intentional commitment and effort.