Every successful family business goes through the fundamental shift from founding to next generations. Next generation preparation is marked by deepening appreciation of self and others within the business.
Your business is strengthened in direct measure to the quality of preparation of the rising generations for their roles in the family business. In addition to specific business skills, the next generations need schooling in your family business’s values and vision. They need an understanding of the culture of your business. And, understanding your business’s culture is not a given even among the founders. Aspen Family Business Partners and Associates will help you find or even create that culture.
Culture might include creating family business traditions around key points in your business such as achieving a sales marker or celebrating “founders day” on the anniversary of your original incorporation. The goal is creating touch points that give your business its own character. Furthermore, there is value when your customers sense that your family business has a stable culture that extends beyond a single person to every member of the family business. To be clear, these touchpoints are important because they mark specifics such as your family business’s profitability, durability and reliability.
Aspen Family Business Partners and Associates have decades of experience in guiding families in this process of next generation development.