The Biggest problem with 2nd and 3rd generation newcomers in The Family Business.
Updated: Mar 30, 2021
And how to navigate that?
Millennials have a lot of resources available to them and if used in the correct manner and order, they produce spectacular results.
New to the Family Business? Here’s how you can start.
To begin with, A Family Managed Business is a collaboration between two distinct but connected systems i.e. the Family and the Business, with diverse operations and indeterminate roles under a given set of rules. Any number of family members can collaborate and work together in a business that may be small, medium or large scale. However, signs of discord appear due to the unspecified or overlap of responsibilities. Furthermore, personal conflicts or antagonism may arise leading to the company’s decline.
In order to thrive, every business must follow a proper code of conduct and policies for communication and managing operations and we take on both the modules in detail during our flagship programs.
Most often the assistance of an external advisor is imperative in this regard. As a matter of fact, all the great businesses, entrepreneurs and start-ups that achieved innumerable heights of success, were mentored by experts at some point of their journey.
Strategic planning plays a pivotal role in flourishing family businesses. An optimal planned strategy will allow the enterprise to balance family and business and also help future generations growing affluence
I have been mentoring millennials working in their family business. My mission is to empower millennials in the Family Business to create a life they truly desire and live a life they love. I help them by taking the first step in successfully embark their professional journey in the Family Business. I help them achieve their ambition using the strategies that has been utilized by elite performers, executives, athletes and top leaders. I was once a newcomer in my Family Business that was started by my grandfather in 1960’s.
I joined the business right after college. However, I have always been on searching for the right mentor or coach to help me navigate the ocean that is the Family Business. I graduated from one of the TOP business schools in the world and travelled to many countries for learning business mentorship and read more than 127 books around this.
Here are some of the common questions that millennials as in the Family Business:
How to start your journey in family business?
There are usually two courses of action for the starters to enter the family businesses.
1- Assist your mentor
In a family owned business, the mentors could be your parents, elder siblings, grandfather, or any other member of the family. Your duty is to proactively learn from them. Observe business proceedings and technicalities. Ask questions and share your opinion in day to day matters. Notice how does your mentor tackle the issues. Which processes are to implement and how to modify them based on external circumstances. Notice, their approach towards handling every matter of the business entity. Assist them for six to eight months and then take on from there to whichever department of the company, you like to direct or work with.
2- Interaction and experience in all departments of the organization.
The second approach, which I followed myself, is to work with all the departments of the company to enhance your skillset. It makes you multi-dimensional thinker and broadens your point of view. There is no substitute of in-hand training of all the organizational operations.
It is my highest recommendation that you work in all areas of the company long enough to learn the operations effectively. You must have the knowledge of all the departments whether be finance, operations or supply chain. Yes, you will manage one section practically but having an in-depth insight of all managing procedures is of utmost importance. Because this is the only way you would know the real challenges of the company and find the workable solutions. And as a member of the management, it will be empowering for your colleagues and subordinates to have you as part of the workspace. It will boast their confidence as well as accountability. You will get to know the practical problems of business and learn how to eradicate them. Moreover, you would evaluate performance of the workforce because you have been through this process before.
How can we help you thrive and prosper?
I have been mentoring millennials in the family business for almost a decade. My mission is to empower millennials in the Family Business to create a life they truly desire and live a life they love. I help millennials by taking the first step in successfully embark their professional journey in the Family Business. I help them achieve their ambition using the strategies that has been utilized by elite performers, executives, athletes and top leaders. I graduated from one of the TOP business schools in the world and travelled to many countries for learning & business mentorship.