The Baby Boomers are retiring, or some want to retire.
Who will fill their shoes to continue building the Family Legacy?
Leadership Development, to avoid the Peter Principle (being promoted beyond the level of competence), is the critical work for Family Business Leaders. To pass the ultimate test of preparing the NXT Generation requires work, planning, work, and planning.
There is not necessarily a “one size fits all” development plan for the NXT Generation. It is important to create both Formal and Informal learning opportunities. Creating Individual Development Plans (IDP) requires a deep understanding of the learning style and needs of that NXT Gen family member. Access to a qualified, competent Coach and Mentor fills developmental gaps that cannot be addressed in an IDP.
Support the NXT Gen as they create and build and nurture their own networks, but also don’t forget to introduce them to the Senior Gen’s network that are critical the Family and the Business.
Spend time to talk with the NXT Gen, debrief them on what is being learned and how that is being applied as they begin the ascent to lead.
Prepare the NXT Gen.
Let me know how you are Developing the NXT Generation in your Family Business.