Family enterprises are nothing without the families that comprise them. Success requires a commitment to develop family governance and a family culture that includes all generations and types of talent.
1. Embrace and harness the new family diversity
Enterprising families are increasingly diverse, on many fronts: education, skills and experience; values and priorities; geographic dispersion; racial and gender identity; and perspectives on any number of topics. Successful families ensure individual family members can contribute using their unique talents and perspectives.
2. Engage and excite rising generations
It is incredibly important to engage younger family members early and often. Developing talented young family members for roles within the enterprise prepares them to take on more responsibility and ensures a constant talent pipeline within the family.
3. Step up your family governance game
Strong family governance is essential to unite, develop, and prepare families for the bold moves that will be required to keep families and their enterprises adaptive and successful. Family constitutions, strategic plans and family councils play a role in engaging family members and supporting the overall family enterprise success.