For family businesses to thrive through succeeding generations, the development of future leaders must not be left to chance. It’s the responsibility of the current head of the family business to recognize and nurture leadership qualities in members of the rising generations. Here are seven strategies for accomplishing this critical task:
- Be a model of leadership yourself.
- Demonstrate honor and respect for family members who are leaders.
- Recognize that there are as many different leadership styles as there are leaders. Consider the differing yet effective leadership styles of Martin Luther King, Mahatma Gandhi, Eleanor Roosevelt, Malala Yousafzai, Oprah Winfrey, Stephen Hawking, Winston Churchill, General Patton, and Steve Jobs. Encourage the development of individual and innate leadership styles within your own family.
- Provide younger family members with opportunities to lead.
- Help them learn to identify leadership opportunities within and outside the family business.
- Encourage their involvement in leadership activities in a variety of life areas such as in school, in professional associations, in your community as well as in your family business.
- Encourage them to think in terms of what they want to accomplish for the family and the business.
Of course, it’s important for the head of the family and current leadership to monitor the path of potential next-generation leaders; to see where they succeed; where they struggle; to guide, correct and mentor them. The future of the family and the business will be in their hands.