Part 2 - Defining our Legacy - Flipbook - Page 31
THE SECRET TO A SUCCESSFUL SUCCESSION
should not let fear stop them from letting in younger generations. The
more they can be involved with appropriate structuring, governance and
educational safeguards in place, the better prepared they will be for the
future.
2. Help individuals to build their own network: there is a growing recognition
of the value of learning from other families at a similar stage of evolution. The
network the younger generation needs might be an informal network, achieved
with the assistance of a family’s connections, or be the result of attending the
growing number of business school programmes that focus on giving attendees
the tools and language to play a role in their family business and wider legacy.
3.
Consider a role in charitable giving and grant-making: Does the family
have an existing charitable trust? The role of a trustee carries significant legal
duties, but provided trustees are well supported by advice and each other,
offspring with an interest in giving can gain experience of good governance
and decision making in ways that engage with the family ‘legacy’. If decisions on
giving are more informal, that is also a process in which they can become involved
with and take ownership, and so beginning their leadership experience.
Recognise that succession should not be treated as a one off event - it is a continuous
event that needs active engagement across the family.
