Video + Tutorial: Joining the Family Business as a Second-Generation Member

The Core Theme of This Video is: Self-Awareness

Joining the Family Business as a Second-Generation Member

Welcome to BFF video with tutorial!

This lesson will help you get started with all the fundamentals that you need to begin working with this video from an advisory standpoint. We will highlight contexts in which you can use this video, key messages within the video that you can emphasize to help address strategic issues, and examples of exercises that can accompany the use of the video. Ready? Let's begin. First watch the video, then click on tutorial.

Context in which you can use this video to engage discussions one-on-one or in a group:

Me

Finding my identity as a next gen family business member

Helper

Helping (including coaching, mentoring) next gen members to find their identity in a family business or in family endeavors

14 Key messages within this video that you can emphasize to help address strategic issues:

In relation to other individuals:

1. What does « Following my parents’ path » or « Following other family members’ path » mean for you?

In relation to other individuals:

2. Are you following or would you aspire to follow your parents or other family members’ path:

  • in continuity?
  • in disruption? i.e. wanting to take the family business or its endeavors in new directions or to reshape them significantly?

In relation to the family as a whole:

3. What drives you and energizes you about your family business or family endeavors? (history, values, industry in which it operates, working with family members? other?)

In relation to the family as a whole:

4. How would you like to carry your family’s legacy?

In relation to the family as a whole:

5. How would you want to participate?

In relation to the family as a whole:

6. What does your family or family business celebrate? What does it reward? How can you fit in some of these celebrations and rewards?

In relation to the family as a whole:

7. What are some of the values and focuses that are important in your family business? For example:

  • To work
  • To count for some form of contribution
  • To do charity work
  • To generate money

In relation to the family as a whole:

8. What do your parents or the elder generation value in your work experience?

  • To be trained/mentored by others, or outside of the family business?
  • To be trained/mentored by them?
  • To ‘sink or swim’ on your own?

In relation to the family as a whole:

9. In your family enterprise, what is or what should be the « harmony » rules to work together as family members?

In relation to the family as a whole:

10. What appears to be the most powerful collective investment(s) in the success of your family? Do you agree with what these choices of investment are?

In relation to the family as a whole:

11. What do you think are some of the implicit rules of working in your family? For example:

  • More will be expected or demanded of next generation members than any other employees

In relation to the family as a whole:

12. What are the key ingredients to your family « glue »? What holds you strongly together?

In relation to the family as a whole:

13. What is your opinion on the following messages found in the video:

  • The incredible glue that holds good family businesses together is what makes their success and the well-being of the family.

In relation to the family as a whole:

14. What is your opinion on the following messages found in the video:

  • Legal contracts don’t help you as a family, because you are either committed to working together and making it work, or you are not.

Examples of exercises that can accompany the use of this video:

Readiness Factor/Readiness Index

To join the family business (Are you ready and prepared to join the family business or family endeavors?)
 
 

Build your questionnaire
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  2. Question 2

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  4. Question 4

  5. Question 5

  6. Question 6

  7. Question 7

  8. Question 8

  9. Question 9

  10. Question 10

View Example

Readiness Factor/Readiness Index

Who Do You Consider Family?

  1. Immediate Family Only
  2. Immediate Family Only + In-Laws
  3. Immediate Family Only + Cousins
  4. Extended Family
  5. Extended Family Without In-Laws

Reversed Expectations Analysis

Leadership Qualities

  • - Patient
  • - Cohesive
  • - Communication/Listening Skills
  • - Respect for All

Close

Reversed Expectations Analysis

If you were your parents or the elder generation, what would you expect of ‘you’ in terms of coming in and performing in the family business or family endeavors?
 

Start your analysis
  1. Question/Topic 1

  2. Question/Topic 2

  3. Question/Topic 3

  4. Question/Topic 4

  5. Question/Topic 5

  6. Question/Topic 6

  7. Question/Topic 7

  8. Question/Topic 8

  9. Question/Topic 9

  10. Question/Topic 10

Readiness Factor/Readiness Index

Reversed Expectations Analysis