When you’re discussing your family business, education might not be a top priority. However, if you want to see your firm last a lifetime, it’s an important step to consider. The education we’re referring to goes above a college degree but instead more focused on practical training, which allows for smooth transitions. It’s also best to extend these efforts toward family members.
Our family business consulting firm understands what your company should focus on for every challenge. Read on to learn more about implementing family business education with Positively People, your expert group of advisors.
Family Business Education for Teens, Children, and Others
The sooner you expose your younger members to the company, the more invested they become. It is much harder to introduce them to the firm after they graduate high school or college. This blossoming generation will take to relatives they recognize and their visions. You can think of it as team building but on a much less complicated level.
Applying family business education now can also incorporate fun activities. This helps with engagement now, as it becomes increasingly challenging to take hold of their attention as they age.
Family Education and Governance Board Members
As your junior board members enter high school, you can introduce more complex items. This can include the industry at large or specific operations that your firm takes part in. The high school age group is crucial for determining whether they have a future with the firm. If they don’t plan on joining the family business, they will begin to look for alternatives.
When these candidates don’t feel welcomed by the others, they will feel rejected and won’t feel invested. Make sure they have invested enough time and emotion before extending their invitation.
Understanding the Relationship Between Business and Family
When new leaders don’t understand the company’s culture, they can be scared away. They need to understand the nuances between the business side and the family it supports. Too often, these candidates learn about one but not the other, leading to skewed viewpoints. They could unknowingly work against the firm’s best interests or deepen existing tensions.
Continuity planning helps when you make time to fill in new leaders with every detail. This allows them to not feel stuck in a role they don’t understand.
Don’t Ignore Management Basics
Leaders that lack insight when there are new and up-and-coming candidates can stifle your company. These future directors need to have a basic understanding of financial statements and other capabilities.
If they only lead from their heart, they will make illogical, emotionally-driven decisions. Those who have a formal business education will often move the brand forward more efficiently. Being ignorant and only open to people who have the same skills and experiences as senior members will create conflict. If it doesn’t seem like new candidates are ready, don’t force them.
Make Family Business Education Effective for Candidates
When future directors don’t receive family business education, they can quickly feel lost. They won’t understand their role or the vision that the organization has. It’s important to focus on family business succession planning before candidates become older. By then, it could already be too late to teach them everything.
Our Family Business Advisory team offers the guidance your firm needs. Choose Positively People for practical family business education and training and contact us today.
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