Emerging stronger as a successor: Gain wisdom from your family, family business and trusted advisers
At a family business conference, several years ago, I had the good fortune to hear speak the senior family member and then president of the fourth generation Italian fashion house, Ermenegildo Zegna. In reply to a question on where he spent his time, he identified three areas of personal priority.
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Incorporating the family story and managing the perception of entitlement while handling complex relationships are key skills for rising leaders of family businesses, executive leadership experts say.
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Adiraj Gupta, the next generation co-founder of startup incubator Impact Launchpad, says interest in sustainability has increased among investors in the wake of Covid-19, but calls for greater co-ordination and data gathering to deliver real positive change.
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The next generation taking charge of family wealth are seizing more opportunities in the world’s $418 billion venture capital space and powering the expansion by family offices into early investments, according to new research by Campden Wealth.
Devansh Jain, the next generation entrepreneur of the Inox Group family business in India, says family enterprises have proven themselves quick to adapt and lead in the Covid-19 crisis and will play an increasingly important role in co-investing in emerging asset classes.
Reassuring women that their place in the family business is permanent is “absolutely essential” to empower women to become successors, next-gen family business leader and author Priyanka Gupta Zielinski says.
Molly Heaney, a fifth-generation director of JM Huber, one of the largest privately-owned businesses in the United States, says her family’s set of guiding principles remain the corporation’s “North Star” in its accelerating pace of investments.
There has been a growing focus on mental health and work—but this has been restricted to startups and mental health in the workplace. We have conversations about employee wellbeing, but not about the health of the leader of the enterprise, or the next generation entrepreneur.
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