How do you communicate your vision and expectations to the next generation of leaders?

Clarity of Intent: Clearly articulate your personal and professional goals for the transfer. Success Metrics: Define clear success indicators, whether financial, legacy-related, or innovation-focused. Core Values: Communicate the guiding principles of your business decisions. Alignment with Successors: Ensure your goals align with the aspirations and skills of potential successors. Flexibility in Goals: Be open to adjusting goals based on feedback and changing circumstances. Strategic Planning: Use these goals as a foundation for the transition plan.

Even today someone I spoke to thinks they need a minimum of xxx million to own a family office. A Single family office is for anyone, regardless of AUM, who wants to have their assets segregated from their personal liabilities and/or who wants someone, including themselves, to manage it professionally. It usually comes with tax advantages as countries usually want intake, and are ready to provide the best solution to attract and keep such AUM.

1. Understand your objectives: Start by clarifying your overall objectives or what you aim to achieve through communication. These objectives could be related to increasing brand awareness, driving sales, improving employee engagement, enhancing public perception, etc. 2. Consider Key Messages: Think about the key messages you want to convey through your communication efforts. These messages should be aligned with your objectives and resonate with your target audience. They should be clear, concise, and consistent across all communication channels.

Business transfer to potentially successors calls for clarity on the core purpose of business followed by the values inculcated over the past years in business and then the vision of getting towards the ‘WHY’ of the business you are In. This shall help the successors to define the mission of what they want to do , for whom they want to do and how they want to do with their key competencies.

My advice here is that this is in the wrong voice. It's about defining OUR goals. If you want to engage the next generation to take on your vision and expectations, then it needs to be co-created. If it's a one-way street, then it's not going to stick. Because how can you expect the next generation to take on your dreams if you're not willing to invest in theirs?

Communicating your vision to the next generation of leaders begins with crystal-clear goals. Think of your goals as the north star guiding your company's journey. When defining these goals, be precise and ambitious yet realistic. Clear goals not only provide direction but also inspire and motivate your future leaders to take ownership of their roles and responsibilities.

I would like to address the subtopic of Define Your Goals from the angle of not only having a clear idea of what one wants to achieve with the business transfer (which I agree is useful) but to focus on what the current leader(s)' objective for communicating their vision and expectations is. Is it that the next generation takes them into account in how they take forward the company (and therefore influence them)? And/or is it part of the selection of the next leaders? Or is it essentially part of developing the next generation of leaders? It might be more than one of those. In any case, it is useful for the leadership to be clear about what they want to achieve from this communication, as this will influence how these are communicated.

Before discussing the business transfer with your successors, imagine it like passing down a classic car—something that’s been meticulously cared for, with its own unique charm and history. You wouldn’t just hand over the keys; you'd want them to understand how to maintain it, appreciate its craftsmanship, and keep it running smoothly. Just as a classic car requires knowledge and respect to preserve its value, your business deserves the same thoughtful transition. By defining your goals and values, you're ensuring that your successors don’t just inherit the business, but understand the heart and soul behind it, so they can continue driving it with purpose and care.

Clearly outline the organization's core values, objectives, and vision for the future. Articulate specific expectations for leadership style, priorities, and accountability. Offer resources, mentorship, and opportunities for growth. Demonstrate commitment to the vision and values through actions. Regularly assess progress and adjust strategies as needed.

Instead of focusing on your own vision and expectations for the business, encourage the next generation to explore their passion and ideas and collectively come up with the vision and direction, considering the past, present and the future. Your consistency in demonstrating the values, work ethic, and behaviours would serve as example and inspire them.

Active Listening: Pay close attention to what successors say about their visions, concerns, and aspirations. Understanding Strengths and Weaknesses: Gauge their capabilities and areas for improvement through discussions. Recognizing Passions: Identify what drives them and consider how these motivations can benefit the business. Addressing Concerns: Take their fears and concerns seriously, offering support and solutions. Respecting Opinions: Show genuine respect for their ideas, fostering a culture of mutual respect. Development Opportunities: Use insights gained to plan targeted development that aligns with business needs.

Effective communication is a two-way street. While it's crucial to articulate your vision, it's equally important to listen to your future leaders. Create an environment where open dialogue is encouraged and valued. This means actively seeking their input and genuinely considering their ideas and concerns. Listening to your team shows that you respect and value their perspectives, which can significantly enhance their engagement and commitment.

Family gets in the way of understanding each other because we THINK we know each other, but we don't really. We actually just have an impression of one another that is likely frozen in time. It starts with listening but it's really about rediscovering one another. Who is everyone in the next generation? What are their goals, hopes and dreams? What are they passionate about? Because their purpose and vocation may lie within the business or it may lie outside of it.

In my thirty years of training and experience in this field, I've come to appreciate the importance of understanding that communication is indeed a two-way street. It's not just about talking TO potential successors; it's about engaging in meaningful dialogue WITH them. Before and after telling them, it's crucial to listen and learn from them. My training and experience have taught me that individuals attach different meanings to the same words. Therefore, it's essential to grasp how the next generation of leaders interprets the words used by the current leaders and vice versa. Listening and learning aren't one-time tasks—they're ongoing processes that shape effective communication and pave the path for future success.

Foster an environment of open communication where the next generation of leaders feel comfortable sharing their ideas, concerns, and feedback. - Basically a feeling of "being heard" without any bias or fear. Encourage dialogue and provide opportunities for discussion to ensure that everyone understands the vision and their role in achieving it.

Listen: Hear their perspectives, concerns, and ideas. Learn: Understand their needs, strengths, and goals. Engage: Have open dialogue and seek feedback. Clarify: Clearly communicate your vision and expectations. Support: Provide mentorship and resources. Adapt: Be flexible and willing to learn from them.

While it is important to listen and learn, at times the next generation doesn't open up and share. The reasons include: 1. Fear of the consequences of expressing different opinions, especially if older family members hold authority within the business. 2. Fear that their voices are not valued or taken seriously in discussions. 3. Not expressing their ideas due to pressure to be in the good books of the senior family leader, even if they have different ideas. 4. Avoiding engaging in open dialogue about sensitive topics or disagreements to maintain harmony within the family, leaving out their own viewpoints. So, senior family leaders have to create a safe space with trust, respect, and openness among all within the business.

Listening and learning are foundational in preparing the next generation. Engaging with emerging leaders to understand their perspectives and aspirations ensures that the communicated vision resonates with them. In my advisory role, I've seen how digital platforms facilitate open dialogue, enabling leaders to gather insights and feedback efficiently. This two-way communication strengthens trust and aligns the vision with the team's values and expectations.

Meaningful Roles: Assign important responsibilities that challenge them and foster skill development. Decision-Making: Allow them to make key decisions, understanding that mistakes are opportunities for learning. Feedback and Guidance: Offer constructive feedback and guidance without micromanaging, to support their growth. Autonomy and Trust: Trust them with autonomy in their roles to boost confidence and initiative. Demonstrate Commitment: Show your investment in their success through active support and resources. Build Competence: Encourage ongoing training and development to enhance their capabilities.

Such a crucial step to take. Many successions struggle because one side is not open to listen. If you are letting go and what the next generation to take over, you have to be open to their perspective. This also applies to the next generation, the generation before you will have wishes, fears, regrets and hopes. Sometimes a facilitator is needed to make this exchange work. Too often people talk past each other, so focused on communicating outwards, that they don't take anything inwards.

Empowerment is key to promote leadership development. Involve your future leaders in decision-making processes and give them the autonomy to take ownership of projects. This hands-on experience is invaluable for their growth and confidence. When you trust your leaders with significant responsibilities, you signal that you believe in their capabilities.

Start early with quarterly/annual family business meetings. Even if your heirs never want to work in or own your business, your family is inextricably connected to and impacted by your business decisions. Read them into your vision, share what makes the business work and why, explain how you see the business growing over time, and create specific ways to take on an active role if they want to. If they are working in the business provide them with the same clarity of purpose and role that you would provide to any team member. Identify actionable ways for them to demonstrate growth, be specific about what skills you need them to have and provide your time and other resources to help them grow and take on more responsibility and autonomy.

The best way would be to enlist the support of an external advisor to support you and your family. Doctors don't diagnose themselves or family members. Far be it for families to try to do this work for themselves. A skilled facilitator will help tease out the voice of everyone of the family so everyone can feel heard. They will also be able to draw out the underlying themes that are important to the family. It's when the family can collectively coalesce around a vision and an idea that there is sticking power. It's very hard for a family to do that for themselves.

Facilitate Collaborative Visioning Sessions: Rather than a top-down approach, facilitate collaborative visioning sessions where current and future leaders come together to co-create the vision for the family business. This helps to integrate multiple viewpoints and bring a sense of shared ownership and commitment to the collective vision.

Some of the points to consider: 1. Plan more brainstorming sessions and encourage different thoughts and ideas. 2. Assign wide opportunities for them to explore and gain hands-on experience. 3. Plan internal and external mentorship and guidance. 4. Encourage open and honest feedback from both sides. When they know that they have the right support and trust of the family and the organization, it helps to increase their ownership and lead with confidence.

Involve: Engage emerging leaders in discussions and decisions about the vision. Empower: Give them autonomy and authority to lead initiatives aligned with the vision. Communicate Clearly: Clearly articulate your expectations and provide feedback. Offer Growth Opportunities: Provide mentorship and resources for their development. Lead by Example: Demonstrate the values and behaviors expected of leaders.

Involvement and empowerment are key to instilling a sense of ownership in the next generation. Assigning meaningful responsibilities and providing the autonomy to make decisions encourages innovation and growth. This approach not only builds confidence but also ensures that young leaders are actively shaping the business's future while aligning with the overall vision.

Create a culture of celebration where everyone's contributions are acknowledged. This could be through formal recognition programs, team gatherings, or even a simple shout-out in a meeting. Sharing stories of success and innovation can inspire others and foster a sense of community and shared purpose. Celebrations also provide an opportunity to reflect on the journey so far and renew focus on future goals.

Following developing a deeper understanding of the strengths of the next generation of leaders and progressing with the process of involving and empowering them, it can be transformative to celebrate in a shared way. Without competing with each other, celebrating challenges and lessons learnt by each person across generations can reinforce a positive culture and add cohesion. It can also help emotionally process the changes that are taking place, including in the roles of each person. In my over thirty years of training and experience in this field, I have learnt not to underestimate the importance of both cognitive and emotional processing.

Documenting the legacy is a hugely important part of communicating the vision. It's usually from the legacy that the values of the family are derived. And so there are synergies in documenting the stories that underly the values. Because the stories help make the values real but also connect with our underlying human need and affinity for storytelling.

Transparent Communication Inspire Engagement Highlight Success Stories Recognize Contributions Provide Mentorship Set Clear Expectations Celebrate Milestones Encourage Collaboration Continuously Communicate Lead by Example

Family members need to be brought in earlier. But there also needs to be work done to make sure that if they are going to work in the business that they are in a position to succeed. That starts with having a family employment policy. What are the agreed upon requirements for a family member to work in the business? Is it a university degree? Is it more? An MBA? This needs to happen earlier rather than later. And then after that, there needs to be policy around family development IN the company. How will this family member receive useful feedback so he/she can grow? Because family members often do not receive the necessary feedback because of their relationship to the business.

While most families know that succession planning is critical for the family business, they are often hesitant to plan it. Here are some points to consider: 1. Have open communication to understand the perspectives from other family leaders. 2. Address any fears or uncertainties they may have. 3. Highlight the importance of succession planning for long-term business success. 4. Jointly participate in seminars/workshops. 5. Take support from professional advisors who can offer insights and guidance throughout the planning process. 6. Recognize that succession planning is an ongoing process, be flexible and adaptable to changes. These pointers can help families overcome hesitancy and approach succession planning with confidence.

Involve your leaders in the planning process to ensure they have a clear understanding of the path ahead. This participation fosters a sense of ownership and accountability. Equip them with the tools and skills they need to navigate challenges and seize opportunities. Continuous training and development are essential to preparing your leaders for the future. By investing in their growth, you not only strengthen their capabilities but also reinforce their commitment to the vision.

The key is to start early. The earlier the better. Have family members do internships at the business in their teens. Educate them as soon as possible in entrepreneurship and finance (yes that can be done starting at 5 years of age). Let them have experiences and make mistake and foremost let them suffer the consequences of these. Building character is a really important part that needs to be done in the early years. Your business will thank you.

Effective succession planning requires meticulous preparation. Drawing from my experience with multiple generational transitions, I recommend anticipating challenges and creating robust, adaptable plans. This ensures a smooth handover and continuity of vision and strategy, providing the next generation with a solid foundation to build upon.

Clarify Vision: Clearly outline organization's future direction. Define Expectations: Specify leadership roles and standards. Tailor Communication: Adapt message to resonate effectively. Provide Resources: Offer materials to support understanding. Meet One-on-One: Discuss vision personally with emerging leaders. Facilitate Group Discussions: Encourage collaboration and idea-sharing. Offer Training and Mentorship: Equip leaders with skills and guidance. Practice Active Listening: Address questions and concerns attentively. Follow Up: Monitor progress and provide ongoing support.

Understand Perspective: Know their background and aspirations. Flexible Communication: Adapt style and methods to their preferences. Feedback Loop: Seek input and adjust messaging accordingly. Clear Expectations: Communicate vision clearly with concrete examples. Open to Change: Embrace feedback and be willing to adjust. Lead by Example: Show adaptability and openness to learning. Encourage Innovation: Foster a culture of innovation and creativity. Celebrate Diversity: Recognize and celebrate diverse perspectives. Continuous Improvement: Evaluate and refine communication regularly.

Business is changing faster and faster. What might be true to you today, might not be true tomorrow. The next generation is up to speed and it is crucial to use their point of views. Like this you have a strong vision as a base, but in the rapidly changing environment, by constantly checking in with the next generation, you can ensure that you adapt your operations little by little to always stay up to date with the developments in the market and that your vision still holds strong tomorrow!

Proactive and constructive topics of discussion between the current leaders and the next generation of leaders include not only the updated vision and expectations but also HOW (i.e., the methods used) the leadership can ensure that goals, strategies, and plans take into account the developments in the business environment, market conditions, and personal circumstances. The "how" can address both models that are applicable to the business and their operationalization.

For some people, the word "expectations" has negative connotations. In my experience, it can be useful to talk about "positive expectations about the upcoming stages" (which are not confused with disappointments; disappointments are about the past that nobody can change). Positive expectations can be linked to values-based goals and effectiveness.

Strategic Philanthropy could be an excellent method to engage NextGen in leadership and communicate vision and expectations in the process.