Engaging the next generation
Entering into the family business and the experience it offers – 3m 30
It can be difficult to know what you want to do in life as a career and for Chris, he was toying with the idea of becoming a painter and decorator. However, plans changed when his father stepped in to offer him a 6-week placement that turned into a 34-year long career, offering experience from factory work to sales to customer relations.
Family dynamics – 11m
If one sibling is allowed to go and have a career out with the family business then join in later years, while the other has worked their way up the family business ladder, can this cause resentment? Or does it actually help provide different perspectives and skill sets?
Taking on the parent’s business role – 15m 50
Becoming the MD or essentially the face of the business isn’t an overnight occurrence. Instead, it is a continuous process of learning and gaining insight and experience of others to help push the business forward.
Bringing in the next generation – 20m 50
It’s a good idea to understand the next generation’s skills and what they can bring to the business. Is there a gap in the business where help is needed and if so, can you train them to be the right fit?
What skills will the next generation bring to the family business? 24m 50
The future will bring more automation, digital and updated machinery but in terms of people, common sense is something that is vital, so you have a basic starting point. From there, skills can be developed along the way.
Join the family business or have your own career? 27m
A lot of time, the next generation in line will go off to university and create their own path by working for someone else. However, Chris notes that a lot of the time, the next generation will miss the feel of the family business and come back to it. Regardless, of where someone may end up, it’s important to understand your purpose, the purpose of the business and whether it will be the right path for you.
How to manage family conflict – 33m 10
Having space throughout the day can help separate family and business as everyone will be attending to their own roles. As well as this, it’s important to remain calm, relaxed and work as best you can to have a successful workday with the family.
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In 2018, we launched our first Family Business survey in partnership with Family Business United. The survey revealed the challenges, opportunities and issues that family businesses are facing on a daily basis. And whilst the specific detail may change because of external factors, such as Brexit and now the global pandemic, it became clear that there are a number of issues that family businesses will always face, so we wanted to continue with our research in 2019 with a second survey and our 2020 survey will be published this Autumn.
To view the Family Business Survey 2019, click here
To request a copy of the Family Business survey when it is released, click here