On this episode of The Family Business Voice, Ramia speaks to Russ Haworth, Family Business Advisor and Host of the show The Family Business Podcast, about where purpose and succession overlap.
Haworth believes that healthy transitions lie at the heart of continuity, and as such, is passionate about helping next-generation family members find their place in the business.
As Co-director of ‘The Land of Giants’, a research project that focuses on next-gen journeys, Haworth knows all too well the generational gap that threatens to derail even the most well thought out transitions.
However, he’s also seen how purpose, defined in open, honest intergenerational dialogue can do just as much to get the transition process back on track, even if it means next-gens opting out of the active role envisioned for them by their parents.
With baby boomers reconsidering their place at the family business in light of the pandemic, managing transitions effectively so that all stakeholders involved benefit has never been more important.
– The meaning that family business leaders give to the values they hold through their actions is the purpose of the business.
– Translating that purpose from one generation to the next is difficult because even if they hold the same values, they will invariably see how those values apply to the everchanging world around them in fundamentally different ways.
– Getting over those differences requires a high level of emotional intelligence, which families can work on by levelling with each other regularly and approaching their collaboration with empathy and openness.