Grooming Young leaders for family business
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Do heirs to family business need business management training? Although it is in their family DNA to run their business to grow up, many young heirs find it difficult to gain the respect of their seniors. The old brigade is often sceptical of the young heir’s abilities and are resistant to change The youngsters are left out of key decisions and feel stifled. Such a situation needs training by an experienced leadership coach.
Many young entrants to the family business have grown up listening to stories about the business. Stories of how it all started from a small industrial gala, how the team pulled off a project within an impossible deadline or the location of a new factory form part of dinner-time conversations and youngsters are keen to start playing their part on completing their education.
However, on entering the business, they find that their ideas are not accepted easily. While the youngster might be given a high designation, family dynamics often affect the flow of authority at work. Senior members of the family dictate every decision. The conflict between the desire to maintain tradition versus progressing the business in response to the changing marketplace puts a lot of stress on the young incumbent and they find they have to work twice as hard to prove themselves.
They often find themselves being compared unfavourably to their fathers and uncles. Every slight slip-up was seen as a huge mistake, brought up at every opportunity. Moreover, they find it difficult to correct their seniors at work. Staff at family-run businesses are often old-timers and have seen the next generation grow up from toddlers to children. Leadership traits can be often misconstrued as arrogance or ‘too-big-for-his-boots’.
Sibling rivalry is also a bone of contention and creates conflict of interests. For a young heir, gaining support for their new ideas, winning the respect of their seniors and pressure to prove oneself in the eyes of the family is immense.
Business management training for family businesses can be useful to handle such a situation.
These are some of the areas where business management training can help