How to bring Next Generation into ongoing Family Business

How to bring Next Generation into ongoing Family Business



This is the question that has crossed a lot of family driven business establishments. The generation gap and varied interests of the next generation make it challenging to bring them into an already established business. Here are a few tips that can help you ease them into the process,

  1. Ensure early involvement in the industry

Giving the younger generation simple tasks and responsibilities at an old age gets them thinking in the direction of entrepreneurship. Include them in professional meetings as well as social gatherings. Doing this exposes them to the business world and helps them take an informed and valuable contribution when they have to.

2. Take an honest look at what can lead the business

When looking for a rightful heir to drive your business, you may realize that not all family members have the desire and skills required to take up the role of a leader. If you don’t find an appropriate person from within the family, go ahead and explore other options. 

3. Share your vision

Share your vision, share the reason you started your business,  with the next generation. It will help inculcate and carry forward the value with that run in your organization.

4.  Invest in education

Education is an essential exposure for leaders of tomorrow. When they take over, they will want to put their learning along with their ideas to use for the growth of the organization.

Participate in special programs/workshops/seminars which are focused towards this area. Al-Tijaarat Al-Raabehah also conducts such workshops and seminar and to know more you can write us at su*****@db****.com

5. Embrace innovation

Family businesses usually have to struggle to cope with technology. By stepping to a new generation into the market, they also bring along their quick understanding and acceptance of technology and latest trends. Embracing them for the longer good of the business will fast-track your daily work.

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