On this episode of the Family Business Voice, author, consultant, and business coach Jonathan Goldhill speaks about the unique emotional and psychological hurdles many next-generation business owners confront. Jonathan and Ramia also discuss the importance of redefining how success is measured for the next-gen leaders of family enterprises, and the paradox they face when attempting to introduce disruption to long-standing business models that covet stability in pursuit of longevity.
-Many next-gens feel the burden associated with believing they are not worthy enough compared to previous generations, which can result in a form of “imposter syndrome”. But the unique circumstances that contributed to the success of earlier generations must be taken into account. Next-gen business leaders must realise that contexts change and redefine what constitutes success for them using their own metrics.
-Where previous generations were driven by a hunger to survive, next-gens need to find their own motivation, such as increasing profitability, bettering processes, improving culture or introducing transformative technology.
-Creating a “sticky” environment that encourages employees to stay with the business is potentially critical for business successors, but next-gen’s should also realise that some changeover is healthy. There is a Darwinian process for every business in transition. It may be difficult, but not everyone is well suited to continue on a company’s journey when new leadership takes the reins.