Why you should listen to the next generation’s ‘big idea’
When we stop growing, we start dying. And to grow, we have to embrace transformational change.
Does a company’s ability to grow determine its ability to live on for generations? I believe it does.
What that doesn’t mean is growth for growth’s sake: blindly striving for increased revenue that may not be profitable, or a strategic fit, or that can’t be scaled, or destroys your fabulous culture, etc., etc.
I believe another age-old adage, too: change is the only constant. Continuous transformation — in the direction of growth — is the key to professional (and personal) success. Particularly in a family business.
What I’ve learned in my work with next generation leaders in family businesses, is that they are eager to make their mark. They want to prove their value. And with seemingly great confidence, that is sometimes masking a little insecurity, they put out their big ideas that often include some element of transformation. Incorporating technology. Embracing a new way of doing something. Spending money.
And what I’ve learned in my work with the more senior business owners, moms and dads and uncles and aunts, whoever they are, is that while they are eager for the next generation to succeed, their definition of success is often different. They are either challenged to see the win in the next gen’s big idea, or they just don’t have the energy to get on board. Junior was supposed to make their work life easier, not create more work, after all.
Know this: transformation is coming to your family business. To every business. And it will be coming at an unfathomable pace. If you are grooming the next generation to someday take your seat, you cannot squish those big ideas because you will erode their enthusiasm, their confidence, and their will, little by little until they no longer want to play.
Because if they just wanted to execute your big idea, they probably wouldn’t be the kid someone like you raised.
Instead, give them a constructive path to channel their transformational energy into a clear strategy that will help you advance what should be a very important goal: developing a confident generation of leaders that can think strategically because they understand the levers that build value in your business.
Our Value Builder Family Business Masterminds help you create a space where their big ideas can be refined, steered, coached. and polished, preparing the organization for your eventual exit.
Because it is highly probable that your happy retirement relies on the next generation keeping your family business going strong. That requires growth and growth that can also scale.