Motivating development of future owners

It’s not always easy to be next generation in a business family: They can feel burdened by the weight of expectations from the legends of the family, they need to manage and protect a well-known family name, they need to find meaning in their lives as heirs, they need to navigate financial differences between their friends and partners and themselves, and they need to be aware of their own and their family’s potential safety issues.

By means of structured and customised development programmes, we develop next generation to become responsible owners. With a focus on education, unity, and motivation we build bridges between siblings, cousins and parents, who will need to collaborate on the boards, committees and departments of the family’s companies and foundations. We enable them to handle challenges, set goals, advise on education opportunities, and facilitate the difficult conversations within the family.

Successful successions

Not only the next generation of heirs benefit from a customised programme. We also advise the current generation in charge on strategic choices in a succession plan or a will as well as on the planning of transfer of means or shares. Furthermore, we create legacy projects to document the origin story of the family company or family wealth. By means of articles, books, or filmed interviews, we ensure that the family history is preserved for generations to come. All this to ensure that the current generation pass over the baton in a stable, constructive, and loving manner.

Case: Developing the Next Generation

Situation

A founding family with three teenage children wanted to prepare the next generation for their future roles as owners.

Solution

Harbour Family Governance collaborated with the family to create tailored modules designed to strengthen the next generation’s skills and readiness as future owners. The modules focused on the following themes:

1. Self-leadership and Balance
   Workshops inspired by Stoic philosophy helped the young participants understand and accept what they can influence and what lies beyond their control.
2. Social Understanding
   Exercises and discussions provided tools to navigate differences in social relationships and economic backgrounds.
3. Societal Awareness
   Activities and site visits to relevant institutions and organizations fostered an interest in and understanding of societal dynamics.
4. Business Insight
   Practical company visits and dialogues with management built concrete knowledge about ownership responsibilities and decision-making processes.

Result

The modules enhanced the teenagers’ understanding of their ownership role and created mentoring relationships with Harbour advisors, allowing personal challenges and questions to be discussed confidentially.