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A Letter to a Stressed NextGen Successor

lynn2

Dear Future Successor,

Congratulations, you are about to take on a leadership role in your family’s pride and joy. Many people dream to be in your position, and I’m here to tell you that I know there are many benefits, challenges and stresses that come along with this opportunity. While all families and their businesses are run under various conditions and have unique situations, many next generation successors face similar challenges to those you are beginning to face now.

You may have been brought up with certain expectations and are still being criticized by current family members who control the reins. You may often wonder where your role in the business is, whether you are worthy to take over in the next few years.

 

We cannot forget the overwhelming responsibilities that come with succession. As a successor, you may find yourself in a position where your parents do not give you enough direction or their micromanaging is smothering you. Working with the same people you live with can sometimes make you feel exhausted and without privacy.

Making and keeping close relationships at work can prove to be exceedingly difficult because your peers may feel threatened by you or feel like they cannot trust you because of your lineage. With this type of environment, one may feel trapped and unable to turn to someone for help.

While it may be difficult to change the way your parents (or other family members) act and manage the company, you can use some tools to cope and ease your transition into becoming a confident, respected leader. Here are some that have helped me:

 

Seek Allies

I’ve found that having peers to talk to who are going through similar transitions is crucial. If you’re not already connected with a group, find one. For me, programs like the Next Generation Leadership Institute (NGLI) and Peer Advisory Groups have helped to shape my leadership abilities, and have provided a sounding board with others who have shared experiences.

 

Find Outside Mentors

Seek experienced individuals who can guide you with a new perspective. If you are unsure of where to look, Loyola’s Family Business Center will pair you with a mentor from another family businesses, and provide references for professional coaches. If you want to seek more insights on your own, books like Andrew Keyt’s Myths and Mortals: Family Business Leadership and Succession Planning can serve as a beneficial guidebook to understand and overcome the challenges of NextGen leaders.

 

Write it Down

Keep a journal to help gather your thoughts and gain confidence. Write down plans you want to execute. What do you want to do with the company? What are your goals? How will you accomplish them? Check back often to make sure you are on track and learn what works well for you and your business, and what you now know to avoid in order to move forward.

 

Take Action

Everyone has a learning curve, and there is a good chance you will have a significant one when transitioning. Get exposed before your big moment by working or volunteering in other places besides the family business. Find places where you can take a leadership role, no matter how small, to get your feet wet.

 

Seek to Understand

You’re not the only one going through a transition. Consider how the change will affect the person you are succeeding, as well as others in the family. The more open you are to acknowledging the realities of change with those experiencing it, the better you can lead during the transition period.

 

Channel Stress

Don’t forget to take time for yourself. Whether it’s exercise, music, meditation or spending time doing your favorite hobbies, find something outside the business–and even the family–to help switch your focus. An hour of yoga can change your entire day…and the business will always be there when you get back.

Transition can be a wonderful time, although while you’re immersed in it the challenges can overtake the excitement. It can be compared even to parenting—long days and short years. But you’re not alone. The Loyola Family Business Center, and many of us other NextGens are here to support you. Make sure to reach out and connect before, during and after. Together we can walk the road ahead.

I wish you the best of luck with your succession,

Lynn

Lynn Eplawy, G2, Gary Jet Center

Loyola Family Business Center Advisory Board Member

 

Oh, by the way, I’d love to hear your tips on how you do it. What am I missing out on?

 

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