How can family enterprises redefine success with each generation?

On this episode of the Family Business Voice, author, consultant, and business coach Jonathan Goldhill speaks about the unique emotional and psychological hurdles many next-generation business owners confront. Jonathan and Ramia also discuss the importance of redefining how success is measured for the next-gen leaders of family enterprises, and the paradox they face when attempting to introduce disruption to long-standing business models that covet stability in pursuit of longevity.

-Many next-gens feel the burden associated with believing they are not worthy enough compared to previous generations, which can result in a form of “imposter syndrome”. But the unique circumstances that contributed to the success of earlier generations must be taken into account. Next-gen business leaders must realise that contexts change and redefine what constitutes success for them using their own metrics.

-Where previous generations were driven by a hunger to survive, next-gens need to find their own motivation, such as increasing profitability, bettering processes, improving culture or introducing transformative technology.

-Creating a “sticky” environment that encourages employees to stay with the business is potentially critical for business successors, but next-gen’s should also realise that some changeover is healthy. There is a Darwinian process for every business in transition. It may be difficult, but not everyone is well suited to continue on a company’s journey when new leadership takes the reins.

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