Many family businesses today are struggling to ensure the transmission of family values to the next generation.
The value transfers that happened unconsciously through ad-hoc conversations among people sitting around together can no longer be taken for granted. Fond memories of growing up in closely-knit joint families, eating meals together, and watching television together, are a far cry from the life of generations Z and Alpha.
A family business cannot build a legacy without shared family values. It is not just a matter of feeling comfortable — a shared culture creates the basis on which a company can continue to prosper as control passes from one generation to the next. Family seniors worry about family values not getting passed to the next generation but spend little time with the next generation for the transmission to happen organically. The father of this Hyderabadi young woman, complains: “I assumed that my daughter would know. Also, she is busy with her life, and I have always been busy with work.”
Next, some families would be well-advised to establish formal mechanisms such as a family council to facilitate dialogue. As the children reach their teenage years, they must be introduced to the council. Family council meetings may be held perhaps once a quarter in large families or twice in a year. The meetings may be held in a neutral place so that everyone feels comfortable.
When appointing an adviser, look for someone who is an expert, unbiased, and a listener. A counsellor who can allow solutions to emerge rather than impose them, and can diffuse a heated atmosphere.