Part of what I love about my job is that I chair peer groups for Rising Generation Leaders in business families. I see two important motivating factors in the rising generation. These two factors really can impact how someone sees themselves fitting into a family business (or not). They also impact how much of a contribution they make, either by conscious or subconscious choice.
The millennials and leaders I guide are, for the most part, looking for something bigger than a job. They want to help solve problems and provide sustainable ways to live and work in the world. Believing in the family enterprise as a cause is imperative for millennials to continue to perform and grow the business.
Working in the family firm can provide meaningful employment. The rising generation, though, is looking to make their own mark. They seek opportunities to bring who they are to the company. They want to create a venture from within the family structure to provide more opportunity for the future. In addition, they need to see it all as part of something bigger than themselves. This might have been an afterthought to previous generations. Things like community-building, sustainability, and being a socially conscious company, however, are central to what drives many members of the next generation.
Family business can have a compelling call on the rising generation because of the personal attachment to a place and persons they care about. To be part of a family enterprise allows the next generation to put themselves in a larger story of belonging. It also provides a sense of responsibility to the family enterprise team. Fostering this sense of belonging and responsibility is very good for the enterprise. As we all know, there is a big difference between being an owner on a piece of legal paper, and taking ownership of the legacy of a family business. This can help bridge the gap.
Cause & calling can be important factors to the rising generation’s contribution to the family business. We know that they are still no substitute for overall competency, however. There is a growing need for mentorship inside and outside family firms, both for the employed family members and key non family members. Providing a safe place for peer learning from real experience shared by others allows growth in both leadership skills and personal development. Contact us today to visit an upcoming Lab meeting. Come see for yourself how these groups are providing leadership development for other rising generation leaders!