Key to the successful evolution of family wealth or a family business is its focus on the development of the next generation.
Without careful preparation, the next generation can feel unready and overwhelmed by the responsibilities they face. Empowering and educating them is an integral part of a family’s long-term preparation.
And it’s not just about money … Families also have a responsibility to develop the human and social capital of the next generation so as to maximise their potential and happiness. Whilst wealth can provide incredible opportunities and an amazing springboard for individual and collective growth, it’s important that it becomes a motivating force, not a negative one.
As future custodians, next generation family members must develop financial and business awareness, but also an understanding of the responsibilities that ownership brings. Finding ways to connect is essential and learning together is key. Once a business/wealth passes to the third generation and beyond, cousins may well get on socially but not have the skills to operate together as an effective group of owners.
Those involved in a more hands-on position, often describe their role as “lonely” – unable to have normal peer relationships or get real feedback. Acquiring external support and mentoring as they progress to leadership can be invaluable.
We work with the next generation on:
- Bespoke ownership programmes for sibling and cousin groups
- Individual support and personal development programmes
- Skills development sessions
- Leadership development
- Introduction to governance
- Structuring next generation philanthropy
Next Generation Client Cases
To contact us about any of our services or programmes for the next generation, click here.