Approaches for next generation engagement in family business

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For families looking to create and achieve a seamless succession process, next generation engagement should start early.

While patriarchs and matriarchs aim to sustain their legacies by ensuring that the next generations are poised to take the reins, it should be understood that intergenerational wealth preservation is not a one-way street.

Such programmes not only engage the next generation in activities that are naturally of interest to them, but also prepare them for the responsibilities that accompany significant wealth and continue the family’s legacy. Furthermore, patriarchs and matriarchs need to accept the use of software/applications and be willing to go digital. Regardless of the year they were born, the next generation is more digitally savvy than any generation before them.

Events can offer exciting and inspiring environments to learn from a variety of practitioners. In the wake of the COVID-19 pandemic, many of these events have transitioned online or operated on a hybrid model. Depending on the conference, these include everything from business and financial issues to softer factors such as sustainability, impact and purpose.

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