In the seeming age between 2020 to 2021, many families have been navigating handovers from one generation to another. There could be a number of reasons for any next-generation transition, but over the past two years, many have been brought about by the ongoing pandemic, while others from the simple recognition that it’s time for a change.
Does the next generation want to take over?
Whatever the reason for the handover, one of the biggest elephants in the room is the question, “Do the next generation want to transition into the family business or family wealth?” The assumption that it is their birthright and they must take over has been a long-drawn conclusion for most families. Conflict arises when they realise that the next-of-kin wants to remain kin without the trappings of responsibility. With family dynasties, this causes a lot of anger and heartbreak, leading to many misplaced assumptions about what is the right and wrong protocol. To some extent, this can also lead to anger about entitlement and what a family member believes they’re due. However, one of the startling realities we have learnt from the rising generation is the need for self-actualisation. Many of them want to have their own identity beyond that of the family, which means that they want their own legacy, achievements and life outside the perceived chokehold of their family name and wealth.