Throughout history and in every corner of the world, family businesses are the social fabric of every community. These businesses come in every size and are in virtually all industries, from agriculture to finance, hospitality, manufacturing, and retail. They are also among the main drivers of each economy. For example, privately held businesses drive around 65% of the US gross domestic product.
There is so much at stake today, with the largest transfer of wealth in human history underway as the Baby Boomer generation retires. Unfortunately, many family business leaders are unsure of how to successfully transfer their financial and capital assets to the next generation, according to Doug Gray, Ph.D., a highly experienced leadership consultant and executive coach who focuses on the issues faced by family business leaders today. He adds that many of his clients are struggling to identify how the next generation of leaders can assume proper responsibility for that wealth, while many Next Gen leaders wonder how they can prove their capabilities.
"Economies are driven by family business leaders on main streets and home offices – not by publicly traded companies on Wall Street," Dr. Gray says. "My experience is that too many family business leaders are confused. The older generation tells me that they don't know who is capable of taking over their business and are at a loss for what to do. Meanwhile, younger family business leaders tell me that they're tired of waiting and that they've done everything they've been asked to do but are stuck in the middle – still having to get approval from their parents and older relatives. Both of those groups need resources immediately."
Having worked with hundreds of family business leaders, Dr. Gray's clients requested an easily accessible resource that can be referenced at any time to solidify his teachings. This led him to write his latest book, titled The Success Playbook for NextGen Family Business Leaders. Available in paperback, e-book format, and audiobook format on all major platforms.
According to Dr. Gray, older family business leaders need to develop their multi-generational purpose or legacy. They also need to obtain reliable data on the capabilities of their successors to make decisions on continuity, succession, and strategic initiatives. By having adequate knowledge and a concrete plan in place, they can rest easier knowing that their business is in good hands.
The next generation also needs guidance on how to avoid conflict and gain career clarity. Dr. Gray observes that NextGen leaders in their 20s to 50s are well-educated and digitally trusting, but impatient. A behavioral psychologist by training, Dr. Gray identified 10 key behaviors that help the next generation gain clarity about their career, succession, and next steps. For example, two of these behaviors are 'expressing their thoughts and feelings on important topics,' and 'expressing a positive attitude.'
"Many Next Gen family business leaders I've talked to feel alone and alienated," Dr. Gray says. "Some say that they are 'trapped in the family business,' which is about as negative as it gets! I want them to know that they're capable of doing more and that they're not alone. I know that this book series gives the younger generation clarity and confidence to inherit the family business. I also know the older generation needs to trust and let go so that their legacy is protected. This consulting process requires intergenerational communication and trust."
As one reviewer said about the book, "This is a practical playbook that provides expertise that can be applied immediately."
Media contact:
Name: Doug Gray, PhD
Email: doug@action-learning.com
