Having adult conversations with your adult children can be difficult, because even though they may be adults themselves, they will always be your kids. And discussing with them how they may – or may not – become the next leaders of the family business can be especially tricky. It requires understanding not only your expectations of them and what’s needed to run the business but also their expectations of themselves and of you and what they can bring to the table to help the business succeed.
Both generations need to talk about the future needs of the business and about the leadership roles and responsibilities that will help to achieve them. There are also generational and cultural differences between parents and children that need to be discussed and openly heard. The younger generation may require a work/life balance that the older generation didn’t seek. For example, many more people these days are able to work from home with flexible hours and through the benefits of technology. Assuming one of your children proves to be the ideal leader with competencies matching the needs of the business, could such flexibility work for your business if that is your child’s desire?
What’s needed today may be very different from what was needed yesterday and even more different from what will be needed tomorrow. Alignment around generational and cultural differences beyond the necessary skill sets is essential in ensuring that the next generation is able to lead the business successfully – even if it may be done in a different way than the senior generation did it. Have these open discussions with your children, where you clearly articulate your expectations – but during which you also really listen to what they have to say and offer as well.
David Karofsky is President of Transition Consulting Group, Ltd. He has over 20 years of experience coaching and consulting to individuals, families and companies to develop better cross team communication and build alignment among the senior management team. The recipient of multiple achievement awards, he received his A.B. from Bowdoin College, an Ed.M. from Boston University in Counseling Psychology and a MBA from Northeastern University. David can be reached at [email protected] or 508.875.7751
