How to Train the Next Generation Entering the Family Enterprise
When family members are young, have them work on uncomplicated jobs on a part-time basis…
This strategy really gives family members an inside view of the business and how it works from the bottom up. This also really provides them an early work ethic and understanding how much work is involved with the family enterprise. Mostly, it encourages the young entrepreneurs to finish their higher education and apply the knowledge they have learned.
Work for an outside Company after graduating from college to broaden training and background…
If the family members worked in the lower ranks of the business before and during high school and during the summers in his/her college days, then outside experience can justify moving a family member into a higher position stage upon entering back into the business, assuming more responsibility for the company’s overall Business Turnaround Plans.
Resource: For more information in the Planning area, see my article on How to Prepare a Loan Package.
Some tips when preparing for the next generation to join the Family Business
As experienced Business Planner, I have seen these tips work very well for a family business…
- Only allow a family member to assume a senior management position after that member has worked for another company for sometime or had responsibility managing employees at a lower level for some time.
- Rotate the family member throughout different positions to cross train, as well as, pinpoint interests and skills.
- Promotions only come when earned, just like everyone else in the Company.
- give time every day, preferably over breakfast, for face-to-face mentoring, teaching and training.
- Don’t take business issues and matters back home.
- Reward the family member with responsibility so he or she can learn to manage the business in order to possibly take over or have executive level responsibilities in the future, such as implementing the company’s Marketing Plan.
- Make sure the family member knows you trust him or her by giving them a voice in the company’s Strategic Plan.
- Allow family members to make the common mistakes and have some failures. This gives them room to grow and learn, instead of being spoon fed. Certainly helped them when asked but also give them some autonomy.
About The Article Author
Frank Goley has a rich and diverse background as a business consultant, business turnaround consultant, business plan writer, business plan expert, small business consultant, business coach, business plan consultant, marketing consultant, business planner and online marketing consultant, and seo consultant for ABC Business Consulting. He has been helping companies to succeed for many years. Frank wrote his first business plan over twenty years ago. He is an expert in developing business plans, marketing plans, funding plans, strategic plans, turnaround plans, web marketing strategies, and project specific business plans. Frank is the author of a business plan book, The Comprehensive Business Plan Workbook – A Step by Step Guide to Effective Business Planning, and he has over 135 published articles and e-books on business success strategies. He also writes the Business Success Strategies Blog.
