Capital Club Unlocking the Potential of the Next Generation with Rebecca Finley-Schidlowsky
Does your family business have the appropriate ecosystem to contribute each unique skill effectively?
Join us as we explore the importance of engaging the next generation in family businesses with Rebecca Finley-Schidlowsky. Rebecca is a strategy, governance, and leadership development specialist for family offices and companies across North America. She has identified three main groups of next gens - young kids (0-11 yrs old), teens (12-16 yrs old), and young adults (17-35 yrs old). She will explore topics such as teaching them how to run an effective meeting, communication, transparency, social media policies and ESG initiatives, financial literacy, philanthropy, networking outside their family, trust with their peers, and setting up a shadow board. We will also learn about the importance of exposing the next generations to various learning opportunities to foster their identity and education around leadership.
Tune into this episode to gain insights into engaging the next generation in family businesses!
[00:31 - 08:19] Opening Segment
- Introducing Rebecca to the show
- Next Gen is a term used to refer to anyone 40 years old or younger
- Rebecca divides Next Gen into three buckets: young kids (0-11), teens (12-16), and young adults (17-35)
- There is a challenge with the middle group of 35-65-year-olds who should be stepping into leadership positions but are held back by the generation above them
[08:20 - 20:34] Engaging Next Gens in Leadership and Philanthropy
- Next Gens need guidance and assistance to carve out space for their own identity outside of the family
- Financial literacy is often lacking, and investment councils can help teach this
- Shadow boards comprised of solely next gens are becoming more popular to advise family companies
- Next Gens are passionate about ESG initiatives and have a huge thirst to learn
[20:35 - 30:31] How to Foster Engagement and Learning Within the Next Generation
- Older generations should ask the next-gen what they are interested in doing
- Starting young is crucial; families should be intentional about retreats, in-person activities, meetings, etc.
- Family history research can help connect families and build interactive family trees
[30:32 - 33:00] Closing Segment
- Connect with Rebecca through the links below
Quotes:
"Even though you're born into a place of privilege, these Next Gens have a lot of anxiety, especially about thinking that they can't fill the shoes of the people that have come before them." - Rebecca Finley-Schidlowsky
Connect with Rebecca!
Email: rebecca@finleyandassociates.com
Download our FREE Strategizing for Inflation Guide here: https://www.excelsiorgp.com/download/
Connect with me on LinkedIn!
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