6. Next Generation

Changing Attitudes. On average, those who desire more control over their own lives and exhibit a higher propensity for entrepreneurial activity are less likely to want to succeed in the family business. Succession for continuity fails to attract enough potential successors of the next generation.

Next Gen Groups. In contrast to previous generations that did not look outside the inner circle for ideas, the next generation engages in open exchange with peers in other family and founder-led businesses and has something substantial to say about what constitutes best practice in matters of succession.

Networks of Families. Unlike the traditional method of giving potential successors a protected playground for trying new ideas under the umbrella of the existing business, cooperation between families on new ventures exposes the next generation to real world competition and represents a promising way to introduce succession for change.