Have you often wondered if your next-gen is committed to your family business? Does this put you in a dilemma whether should you really hand over the family business to your next generation? If yes, then listen as Wayne shares some valuable insights on how you can increase your next-gen commitment to the business. As always, we look forward to your comments below!
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Jon Deeny says:
If number of hours worked isn’t a good indicator of level of commitment (I agree its not), what is? A large part of the determination of whether to transition/sell/gift the business to the next generation is to really understand what the level of commitment is.
Wayne Rivers says:
Commitment can be measured any number of ways, Jon: productivity, quality of team play, a desire for constant and never ending improvement (self and company), willingness to take on strategic projects – AND complete them satisfactorily, desire and capability to take the company to a higher, better place, etc. There could be quite a few additional measurements. The important thing is that you have them, everyone understands them, and that they create a fair, level playing field among NextGen candidates.
JIM DEREYNIER says:
Thanks, Wayne- Interesting point. ( a SCORE mentor)
Wayne Rivers says:
Great! Thanks, Jim.
KEB says:
I am a third generation family member who is purchasing shares as I can afford to. I can attest that the sacrifices I am making now for my future make me much more invested in making that future the best it can be.
Thanks Wayne for another insightful commentary.
Wayne Rivers says:
Thanks for sharing, Kristen!