“Go find your passion,’’ Henry directed his children when they reached their late teens and early twenties. “Find your interests outside our family business and pursue them.’’ As inspiring as those words may have been, Henry, the patriarch of a successful automotive parts business, wasn’t simply freeing his children to follow their dreams. He was requiring it.
How Family Business Owners Should Bring the Next Generation into the Company
Encourage them to build a career outside the firm first.
July 24, 2018
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Summary.
Too many children of family business owners launch their careers inside the company. Often it’s smarter to encourage them to build a substantial career outside the firm before they “boomerang” back in nearer to midcareer. To help them do this, plan ahead. Think about potential roles they can serve (not just focusing on the CEO job), and create a formal plan to help them develop the skills and talents they will need to succeed.