We have captured the conversations we commonly encounter with a family successor, to help you consider whether this work is right for you.
A natural step
From a young age I loved being involved in the family enterprise. It was a natural step for me to join the business. As the eldest there is an expectation that I will become Dad’s successor and I am comfortable taking on the role.
Stepping into Dad’s shoes as the business leader is not a problem but I was much more apprehensive about taking on the role of family leader. I was unsure about what was expected of me and it felt like a huge burden.
I knew that it would bring a shift in the family system and I wanted to ensure that it did not cause conflict. I was not comfortable doing it alone.
Ideally, I hoped that the whole family would take an interest. Like all siblings, we have complicated relationships. My brother and I work closely together so I was confident that he would continue to be involved. I was not as close to my other brother. My sister has her own business and has always been independent of the family. I did not think that she would take any interest outside of the financial implications.
In order to get a clearer understanding of what all this meant, I engaged Momentum. After the initial conversation with Tiffany and Adam I felt a sense of relief – maybe the transition did not have to be so uncertain.
Representation and respect
They made it clear that the goal was to understand and represent everyone’s interests. When we got together as a family we discussed the family values and our own individual aspirations. We came away with a sense that we had all had our say.
Sitting down together, committing to goals and thinking about what it meant to ‘steward our family resources’ was actually a lot of fun, I felt closer to my siblings than I had in many years. We now have the skills and confidence that we need to create a future that fits with our vision not just my Dad’s.
On a personal level, having people with Tiffany and Adam’s global experience is invaluable. Momentum has a large network of advisors and contacts; they even helped me find a mentor and a new board member for the family business.
I don’t want to be a clone of my dad and now I have the confidence to navigate this path and find my own approach.