family business internship

Internship Interrupted: Preserving the Value of a Summer Internship in Today’s Pandemic Reality

Preparing the next generation (Next Gen) is a critical step on the path to succession in a family business. There are many ways to create development opportunities, starting with exposure in “small bites” from a young age, in age- and stage-appropriate ways. Think: formal education programs, or spending time in the proverbial “mailroom” (or its equivalent), or accompanying a family member on a job, and more.

One steadfast and valuable method to expose the Next Gen to business has been internships, typically starting in high school or college. Summer learning opportunities develop younger family members’ individual capabilities, create important connection or “glue” to the business and other team or family members, and critically, build a bridge for enterprise continuity[1].

The National Association of Colleges and Employers collected data from companies with internship programs and published their results in mid-April of this year. Sixteen percent of respondents revoked summer internship offers, 23% planned to rescind them, and 39% planned to move internships online[2]. Other companies are delaying internships’ start[3]. More…

Succession Planning

Succession Planning: You Lost Me at Complicated, Lengthy Process

“Succession planning doesn’t have to be complicated”

We all know we need one, but why is it so hard to prepare a succession plan? One of the most common reasons is the difficulty in just getting the process started.

Good news. You may have already started without even knowing it. Try using an existing company organization chart with some modifications as a starting point. More…