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Episode 025: Power20—10 Ways to Set Your NextGen Up for Success in the Family Enterprise

April 18, 2018

In this Power20 episode, I’m speaking to my friends who are NowGen leaders. As you think about succession planning and preparing the NextGen to fill your shoes, I urge you to be intentional when it comes to their leadership development. Not doing so can result in devastating consequences, not only for them but your family and your enterprise. Why risk it? 

Make a plan, work the plan, guide your NextGen, and help them grow their capacity to be successful in their future role. Need ideas? In this episode, I provide 10 ways to set your NextGen up for success in the family enterprise.

Have a question, comment or another idea? Reach me at ellie@successfulgenerations.com. 

Topics discussed in this episode: 

  • Intro :45
  • 1. From the ground up (3:10)
  • 2. Orientation program (4:30)
  • 3. Education, education, education (9:07)
  • 4. Employment policies (12:55)
  • 5. Positive work talk (14:52)
  • 6. Meetings (16:30)
  • 7. Teach financials (17:26)
  • 8. Allow failure (and success) (18:18)
  • 9. Introduce to trusted advisors (20:05)
  • 10. Step aside (21:22)
  • Recap (23:10)

Resources mentioned in this episode: 

  • Episode 008: Family, Fights and Ferry Tales with Chris Shepler
  • Episode 021: Taking Over the Family Business with Mitchell Kaneff
  • Episode 013: Raising Children to be Amazing Business Owners with Paige Cornetet
  • Episode 018: The Welch Allyn Family Business Story with Eric Allyn (4th Gen), Part 1
  • Episode 015: Beyond the Piggy Bank with Father, Author, and Entrepreneur Clint Greenleaf

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Want more of Successful Generations? Check out our other episodes: 

Episode 024: Pump it Up! Strength Training and Leadership Development
Episode 023: Leadership Development and Agility with Greg McCann
Episode 022: Getting Started in Philanthropy with Colleen Mitchell
Episode 021: Taking Over the Family Business with Mitchell Kaneff
Episode 020: Women and Wealth w/ Adrienne Penta
Episode 019: The Allyn Family 2.0, Part 2
Episode 018: The Welch Allyn Family Business Story with Eric Allyn (4th Gen), Part 1
Episode 017: Achieving Your Goals through MasterMind and Peer Groups
Episode 016: Reframing Limiting Beliefs with Ellie Frey Zagel
Episode 015: Beyond the Piggy Bank with Father, Author, and Entrepreneur Clint Greenleaf
Episode 014: More Awareness and Less Stress through Yoga
Episode 013: Raising Children to be Amazing Business Owners with Paige Cornetet
Episode 012: Generous Genes with Susan Crites Price
Episode 011: Digging into the Family Business Landscape with Daniel Van Der Vliet
Episode 010: 10 Things My Family Did to Engage us in Family Philanthropy
Episode 009: Stress Management and Holistic Health with Cynthia Damaskos
Episode 008: Family, Fights and Ferry Tales with Chris Shepler
Episode 007: Raising Financially Responsible Kids Through the Holidays (and Beyond)
Episode 006: Join the Philanthropic Revolution with Michael Moody
Episode 005: Estate Planning 101 aka Estate Planning is Not Optional with Susan Gell Meyers 
Episode 004: Ginny Esposito – Engaging your Family in Family Philanthropy
Episode 003: Leadership, Wellness, and Concierge Medicine with Dr. Bill Baer
Episode 002: Douglas D Box, Texas Patriarch – A Legacy Lost
Episode 001: About Your Host Ellie Frey Zagel

Learn more about Successful Generations:

FB: @SuccessfulGenerations
Twitter: @EllieFreyZagel
Email: ellie@successfulgenerations.com

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Leadership Development

Ellie Frey Zagel

Ellie Frey Zagel is 3rd Generation, Vice Chair and Trustee of her family’s foundation the Frey Foundation based in Grand Rapids, MI. For nearly a decade she has been deeply involved in working with the next generation of family business, family philanthropy, and family wealth, first as Director of the Family Business Alliance and now as President of Successful Generations, a company she recently founded.

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