Corporate Culture

10 Ways to Make Your Family Business “Cool“ (Again?)

creating an awesome business culture just might help attract the younger gen to give it a ride

Part of keeping a family business innovative is to encourage change and try new things. One way to create this culture change faster is to encourage the younger generation to join the family business. The younger generation brings fresh thinking, new strategies and modern leadership styles. With an increasing number of next generation family members choosing to work outside of the family business, there is a growing need to make the business more exciting to join through new thinking and new opportunities.

10 Ways to Make Your Business “Cool”

  1. Balance respect for tradition with acceptance of new thinking
  2. Avoid micromanaging – allow family members more autonomy
  3. Accept the younger gen’s more balanced lifestyle – Think: flexible work hours and remote workplaces
  4. Be more agile and responsive – speed decision-making and seize opportunities faster
  5. Avoid being narrow-minded – listen to other’s ideas and adopt them more often
  6. Take more risk – balance senior generation conservatism with younger generation risk-taking
  7. Recognize younger generation grew up in a more collaborative world and communicate differently
  8. Allow younger generation to be more analytic – raised in more data-oriented environment
  9. Greater use of outside advisors – understanding senior generation doesn’t have all the answers
  10. Be more receptive to adoption of new technology

It’s not a given that younger family members are going to join the business. Before encouraging them to enter the family business be sure to check their genuine interest in the business and how it aligns with their career path.