“Our research aims to uncover how enterprising families can ensure
– Dr. Mateja Andric
the long-term success of their companies across generations,
while also respecting and supporting the unique preferences
and needs of NextGens.”
Why we need research on NextGen’s life plans and
their impact on family business succession intentions:
Unpacking the growth journey
of NextGens:
As you move from childhood to adulthood, life is full of big milestones- finishing school or university, landing a job, building relationships, and maybe even starting a family. When you grow up in a family business, these moments don’t just shape who you are; they can also affect your intentions to succeed in the family business. By understanding your personal life plans and how they relate to succession intentions, our research aims to discover ways to support you to step into leadership roles in the family business.
Family dynamics shape your path
in the family business:
Siblings, parental expectations, and how your family runs the business may influence your choice to join the family business. Analyzing these dynamics helps explain how family relationships and business success impact each other and derive strategies to improve the fit between private life and family business.
Talking About NextGens’ Life Plans:
Not all families discuss the future goals and plans of NextGens openly, and even those who do so may be unsure how to cater the family business to NextGens’ life preferences. Developing an understanding of NextGen’s life plans and the fit of the succession into those life plans helps everyone get on the same page about roles and expectations in both the family and the business. This kind of clarity avoids misunderstandings and creates a more collaborative environment where both the family and the business can thrive.
Life Planning: A Key to Business Success:
Life planning isn’t just personal; it is vital for the family business. When the family business aligns with NextGens’ personal goals, it helps prevent leadership gaps and ensures long-term success. Even the best succession plan won’t work if NextGen’s life plans don’t match up with the family business’s goals.
Generational Perspectives and Values:
Every generation has its own views and values that shape the family business. By exploring the life journeys of NextGens, we can see how changes in values influence their succession plans. This insight is key to building strong connections between generations and preparing the business for the future.
