On this episode of the Family Business Voice, we speak to advisor, author and family business member Iraj Ispahani.
Iraj is the CEO of Ispahani Advisory and the author of a new book, Family Business and Responsible Wealth Ownership: Preparing the Next Generation. Iraj’s book helps answer some of our burning questions about next-gens – how to engage, empower and prepare them for leadership positions – topics that Iraj has firsthand experience of.
As a Group Director and sitting board member of his family’s business, The Ispahani Group, a family business with over 200 years of history, Iraj draws on his own journey as a next-gen finding his way back to the family business to inform others.
– Next-gens must identify their purpose and be able to work towards it, regardless of whether that purpose overlaps with the purpose of the family business.
– Outside experience is critical: next-gen family members need to develop their skills independently. That way, they can bring new aptitudes back to the family business if and when they join, and feel confident that they deserve their position.
– Making mistakes, entrepreneurial or otherwise is an integral part of the learning process, and older generations need to make sure that next-gens know they are welcome in the family fold even if the risks they take don’t always pan out.