{"id":7481,"date":"2020-02-21T00:00:00","date_gmt":"2020-02-21T00:00:00","guid":{"rendered":"https:\/\/thomasjardineandco.co.uk\/next-generation-family-business-finding-your-feet\/"},"modified":"2022-10-06T12:37:06","modified_gmt":"2022-10-06T11:37:06","slug":"next-generation-family-business-finding-your-feet","status":"publish","type":"post","link":"https:\/\/thomasjardineandco.co.uk\/next-generation-family-business-finding-your-feet\/","title":{"rendered":"Next Generation Family Business : Finding your feet"},"content":{"rendered":"

Next generation : the theory<\/h2>\n

Site visits to successful family businesses such as the one organised by the IFB<\/a> to Roberts Bakery<\/a> really show the benefits good family businesses can bring to business operations. In theory shared family culture and values should lead to a smooth transition of leadership from one generation to another.\u00a0 However in reality family dynamics are as complicated as those found in business leadership.\u00a0 Combining the two does not simplify the situation.<\/p>\n

This week I delivered a session on next generation family business to a group of enthusiastic\u00a0 Lancaster University<\/a> Masters Students . \u00a0 Their questions really reminded me how complex these family business dynamics are.<\/p>\n

Celebrating when things go right<\/h2>\n

The students questions were still ringing in my ears when my eldest pointed out we didn’t celebrate success enough.\u00a0 He is right.\u00a0 Like many growing businesses we tend to focus on the potholes on our journey rather than the beauty spots we pass.\u00a0 That’s why I have really enjoyed my role as chair of the judges for the brilliant Northwest Family Business Awards<\/a>.\u00a0 Visiting the finalists and gathering the thoughts of our fellow judges has reinforced my belief in the value of family businesses from across the North West.\u00a0 A huge well done to Sue Howorth and Dave Clarkson of the Family Business Network<\/a> for organising this.<\/p>\n

Finding your feet<\/h2>\n

So we know that the transition of leadership to the next generation<\/a> is complicated.\u00a0 We also know that done well next generational family businesses add huge value to their place.\u00a0 Just look at the family businesses running farming, hospitality, manufacturing, food production and cafes in your area.\u00a0 They are all dedicated to their business and their place and at some point they may look to pass their business onto the next generation.<\/p>\n

To do this the next generation really needs to find their feet.\u00a0 Each new generational business leader may have different needs. These could include gaining the confidence to replace the previous generation as leader. Or creating time to think about the future direction of the business. It could be finding a source of reliable answers to questions they may have on how to manage the transition in family business. Then it could be learning how to communicate with the family and the business as roles are changed.\u00a0 Importantly the next generation need a supportive network of peers who are experiencing the similar business journeys to themselves.\u00a0 Possibly most importantly they need a place where they can develop their leadership skills that will ensure the sustainability of their family business.<\/p>\n

Offer of support<\/h2>\n

If you are reading this as a next generation family business member and you would like support with any of the issues raised please check out the Next Generation Family Business Event<\/a> on the 17th March in Liverpool.\u00a0 We (Thomas Jardine & Co<\/a>) are really proud to be delivering this in partnership with Be the Business<\/a> and the Family Business Network.<\/p>\n

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Next generation : the theory Site visits to successful family businesses such as the one organised by the IFB to Roberts Bakery really show the benefits good family businesses can bring to business operations. 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