Succession Challenges When Next Generation Declines

Jeannette looks at the challenge of succession in family businesses, particularly the growing trend of the next generation opting out of leadership roles. With recent data indicating that 63% of family businesses view succession as a significant risk, Jeannette explores the reasons behind this shift, including changing career aspirations, the desire for work-life balance, and the perceived lack of autonomy within family enterprises. Jeannette explains why: Younger generations are increasingly opting out of family business leadership roles due to a desire for autonomy, diverse career options Establishing clear governance structures, such as boards and family councils, is crucial for family businesses to navigate leadership transitions effectively When no family successor is available, bringing in external executives can be beneficial. It’s essential to ensure that these leaders understand and respect the family’s legacy while being empowered to drive innovation and growth. Active family involvement in philanthropic and community initiatives helps preserve the family legacy and fosters a sense of ownership and purpose among family members Subscribe to Brave Bold Brilliant for weekly wisdom on leadership, legacy, and living boldly. This episode is living proof that no matter where you’re starting from — or what life throws at you — it’s never too late to be brave, bold, and unlock your inner brilliant. Visit https://brave-bold-brilliant.com/ for free tools, guides and resources to help you take action now 📩 Want extra support? Email [e-mail] to book your free mentoring session with Jeannette. Let’s make your next move your bravest yet. CONNECT WITH JEANNETTE: Jeannette’s linktree - https://linktr.ee/JLinfoot https://www.jeannettelinfootassociates.com/ YOUTUBE - https://www.youtube.com/@braveboldbrilliant LinkedIn - https://uk.linkedin.com/in/jeannettelinfoot Facebook - https://www.facebook.com/jeannette.linfoot/ Instagram - https://www.instagram.com/jeannette.linfoot/ Tiktok - https://www.tiktok.com/@brave.bold.brilliant IN THIS EPISODE: [00:01:07] Succession challenges in family businesses. [00:06:10] Aligning leadership with family values. [00:09:15] Turning challenges into opportunities. [00:12:14] Succession planning in business. VALUABLE RESOURCES Brave Bold Brilliant - https://brave-bold-brilliant.com/ Brave, Bold, Brilliant podcast series - https://podcasts.apple.com/gb/podcast/brave-bold-brilliant-podcast/id1524278970 ABOUT THE HOST Jeannette Linfoot is a highly regarded senior executive, property investor, board advisor, and business mentor with over 30 years of global professional business experience across the travel, leisure, hospitality, and property sectors. Having bought, ran, and sold businesses all over the world, Jeannette now has a portfolio of her own businesses and also advises and mentors other business leaders to drive forward their strategies as well as their own personal development. Jeannette is a down-to-earth leader, a passionate champion for diversity & inclusion, and a huge advocate of nurturing talent so every person can unleash their full potential and live their dreams. Podcast Description Jeannette Linfoot talks to incredible people about their experiences in business and life, gaining first hand insight into how they unleashed their potential to become Brave Bold Brilliant. From the boardroom tables of big international businesses to the exciting world of entrepreneurs it's all about stepping up to the next level while staying true to yourself. This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/