Family businesses are characterized by their cross-generational thinking. Accordingly, securing the long-term sustainability and thus the survivability of family businesses is of particular importance. However, an important aspect for the continued existence of family businesses and family assets also depends on the extent to which the family generations are able and willing to adapt to changing conditions. However, these challenges do not only exist in the area of the company, but also in the area of the family itself. Tensions within a family are normal – in entrepreneurial families, however, unresolved conflicts pose additional risks for the company.
Due to the usually close connection between company and family, children of entrepreneurs perceive the difficulty between family and work-life balance at an early age. These experiences can shape attitudes towards the compatibility of family and career and thus discourage or discourage succession. Consequently, in the long term, it is a challenging task to establish cohesion within a family and to maintain family peace. However, planning the family situation is only possible to a certain extent.
The successor generation often brings different ideas, plans and perspectives to the company. This can be beneficial for the company’s development, but it is not always necessary.
The early exchange with the successor generation regarding the responsibilities they want and are able to take on in the long term in the area of the company and asset optimisation is one of the basic prerequisites for the successful continuation of a family business.
Topics for such an exchange could be, for example:
Values of the family
Support in the process of finding the future role of the juniors
Training and studies, stays abroad, internships or even family issues in the context of succession
Formulation of decisions, such as participation in or collaboration with the company
Presentation and discussion of market and investment topics
Development of a family charter (Family Governance)
Formulation of asset targets
Also, early, age-appropriate tasks related to the company can lead to a stronger bond, the next generation to the company.
A family office can be a good advisor to the entrepreneurial family, especially in the accompaniment of these topics, as a support and relief, because here, with the necessary time and experience, the next generation can be prepared for the challenges of various topics.
