How can family enterprises redefine success with each generation?

February 07, 2023 00:23:10
How can family enterprises redefine success with each generation?
The Family Business Voice
How can family enterprises redefine success with each generation?

Feb 07 2023 | 00:23:10

/

Show Notes

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.

Listen and Subscribe on SpotifyApple PodcastsGoogle PodcastsStitcherTuneIn, Amazon and YouTube.

Other Episodes

Episode 0

March 12, 2021 00:21:50
Episode Cover

How Can Community Be A Competitive Advantage?

On this episode of The Family Business Voice, John J Lamont from Nowchem talks with Ramia about how his family’s bond shaped their succession...

Listen

Episode 0

December 03, 2020 00:18:14
Episode Cover

How Can the Next Generation Disrupt the Processed Meats Industry?

As a sixth-generation leader in his family’s meat processing business, Compaxo, Michael van der Post walks a virtual tightrope. He must honour five generations...

Listen

Episode 0

August 14, 2020 00:20:08
Episode Cover

What Does Indigenous Collaboration Look Like?

On this episode of The Family Business Voice, Viviana Jaramillo speaks to Ramia about Sol de Minca’s collaboration with neighbouring communities, operating a business...

Listen