Each family is unique. A concerted effort to understand the complex dynamics which exist within each family, between spouses, siblings and the generations, is an essential first step for family advisers. Without this understanding, it is much more difficult to help a family deal with succession issues, especially in the context of a family business with members sitting on the board.
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From the onset of the new millennium, business leaders have been increasingly interested in ‘purpose’—the idea that they might look beyond the profit motive alone to consider why the business exists and what purpose it serves.
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A Canadian next-generation entrepreneur says more families are investing sustainably in forestry to achieve their impact goals and for the long-term inflation-proof returns of timber as an asset in their portfolios.
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Most family fortunes were forged thanks to a founding entrepreneur and their successors who managed to uphold their legacy over the generations. The entrepreneurial tale of the founder is often passed down proudly from generation to generation. However, it is also common to see the successor generations concentrate so much on the core business that they sometimes lose the very entrepreneurial drive that gave rise to their family business in the first place.
The next generation of leaders have a vision for the future which is different to their parents and more strategic, says next-gen social entrepreneur Olga Vysokova.
Can intrapreneurial initiatives serve the individual aspirations of the next generation and rejuvenate family firm innovation? Scott McCulloch looks at the possibilities
Goodsted is a platform for socially purposeful individuals and organisations who would like to volunteer their skill or donate other resources to non-profit social projects. Award-winning founder Selin Yigitbasi-Ducker, a fourth generation member of Turkish conglomerate Yasar Holdings, talks about her passion for social change, product design challenges, and inadvertently benefitting from being a next-gen.
Verena Bahlsen, next generation entrepreneur and co-founder of food innovation incubator HERMANN’S, is looking to drive her family’s business into the future.
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