Early Engagement: The key for successful next generation transition
Posted by Gabriella Samuels on
Photo Credits: STEP
Maria Villax, Head of Family Strategy & Governance at Bedrock was invited by STEP, to be a panellist at the STEP Global Congress 2022.
Taking place over two days, the congress covered a wide range of thought-provoking topics including, modern families, modernisation of the estate industry, trusting trusts, supported decision-making, and artificial intelligence (AI).
Kecia Barkawi-Hauser TEP ( VALUEworks), and Iraj Ispahani, (Ispahani Advisory) and Maria explored ‘the importance of family businesses from the rising generation’s perspective’.
Key insights from the panel were:
The transitioning of family businesses needs to be done so in a sustainable way
The needs of both the current and future generation should be balanced
Define clear relationships, roles, and processes at the start
Emotional attachment and investment to the business needs to be cultivated early on
Involving the next generation in decision-making should be gradual
Families may need to evolve their purpose to meet the needs of the next generation
Improve next generation participation through governance tools and forums.
STEP is the worldwide professional association for those advising families across generations, offering training and development to a global network of trust and estate practitioners. You can find out more about the organisation and their upcoming events here.
For further information about any of the insights shared above or to find out more about Bedrock’s Family Strategy and Governance services, please do reach out to:
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