Segment Idea– 7 Ways to Groom Your Child for the Family Business
I’m contacting you with a segment idea about how to ensure a family business survives past the first generation — by making sure the next generation is brought in — and brought up — right.
The Big Idea: Family businesses are unique in their close connections and shared trust. But children of the founders need to be able to make their own way into the business, and that includes learning, and working, outside the company walls.
Why It Matters: Seventy percent of all businesses are family businesses in the United States, but only two thirds survive past the first generation. For too many family businesses, while it may be a given that children will become the next leaders, they don’t receive the preparation or training to succeed.
Key Messages: In Dirty Little Secrets of Family Business (3rd edition): Ensuring Success from One Generation to the Next, family business expert Henry Hutcheson offers any organization the roadmap to ensure succession and prevent failures. He debunks the myths of family businesses and illuminates the best practices — to take a family business from startup to a well-established, long-standing company.
The author can also discuss:
How founders can overcome their tendency to see their children as clone
Why children should never go directly into the family business.
How to use summer breaks from school to expose children to the business.
Why it’s better if children don’t have the same skills or strengths as the parents.
How to find the best mentors to impart that special sauce of nuances and strategies.
How to better manage millennials.
The Source: Henry Hutcheson has 25 years of experience in business management and global family business consulting across a range of industries, and is a veteran of a family business himself. He is a frequent corporate and university speaker, as well as a columnist and writer for the News & Observer, Charlotte Observer, Nursery Retailer, The State, and Family Business Magazine.He has been quoted in the Wall Street Journal, Crain’s, and other business and trade magazines. His new book is Dirty Little Secrets of Family Business (3rd edition): Ensuring Success from One Generation to the Next. Learn more at www.familybusinessusa.com.