May 2, 2023
Editorial
Family Business Magazine

Onboarding NextGens

Format:Electronic

Abstract

The process of onboarding the next generation into a family business can be both fulfilling and challenging. In many cases, the NextGen feel that they have been a part of the family business for their entire lives, and taking their place within the company feels natural. Hearing about the business at the dinner table and actually working in it are two entirely different experiences, however. The reality is that officially joining the family business can be downright intimidating. The successors not only face the pressure of the working generations' expectations but also are subject to increased scrutiny from non-family employees as well as customers. Regardless of the scenario, it's essential that a number of factors are considered to ensure that the onboarding process is successful and achieves the objective of firmly establishing the capabilities of the successor, putting in place a clear path for the future.