PwC Family Business Survey Being the \u2018boss\u2019s child\u2019 throws up some unique challenges for the next generation of family business leaders.\u00a0 There are a number of \u2018gaps\u2019 that the next generation face: the generation gap between their experience and expectations, and those of their parents\u2019; the credibility gap, which they have to surmount if they\u2019re to establish themselves; and the communications gap, which can arise both within the firm, and within the family.\u00a0 Some of the tips to plan for succession are:<\/p>\n
Get outside experience first: Getting outside experience first means you can make a more informed decision before joining and then come to the family firm with valuable skills.<\/p>\n
\u2018Try before you buy\u2019: Find ways to \u2018connect without committing\u2019 \u2013 in other words, get some experience of what it\u2019s like to work there, the culture, and the sort of role you might aspire to eventually<\/p>\n
Don\u2019t put pressure on yourself: Don\u2019t let the family name create unrealistic expectations (either yours or anyone else\u2019s).<\/p>\n
Insist on a proper appraisal: I\u2019ve seen many family bosses who give their children mainly negative criticism \u2013 either out of fear of favouritism, or because they assume they already know the positive things, when in fact they\u2019ve never actually articulated them.<\/p>\n
Handle change with care: Family firms pride themselves on their quick decision-making, but there will be personal factors in play if you want to change something your parents spent their lives building.<\/p>\n
Communicate, communicate, communicate: The challenges of balancing the personal and the professional make it even more important to be able to talk openly and honestly about business issues.<\/p>\n
Make sure succession is a process, not an event: Succession needs to be planned a long time ahead. That gives you, your family and the rest of the business time to adjust and prepare for the transition.<\/p>\n
Enjoy it!: You can be part of something you really care about, become a guardian of it, and perhaps, one day pass it on to your own kids. It doesn\u2019t get much better than that.<\/p>\n