The fourth session of the series held on August 8, featured international family business expert, Dr. Ivan Lansberg along with Mr. Peter Leach and Mr. Tatwamasi Dixit. Considering several factors such as the size and nature of business, business inclination and motivation of younger generation as well as the expectations of senior generations, the speakers discussed ideal mantras for the family businesses to thrive and transition through generations.
On the topic of identifying entrepreneurs from the next generation for succession, the speakers pointed out that not every generation may have entrepreneurial talent, but it is possible to balance talents of multiple siblings who can contribute to the business.
While talking about the leadership continuity in family business, the speakers highlighted the fact that founding family has the need of developing a governing platform. The governance function will not only provide direction, accountability and value system but will also keep the business and family together. The panel also pointed out when considering continuity, it is important to have a vision of what lies in future. Articulating the aspirations as an enterprise, as owners and as family is important for clarity.
On the topic of Parenting and Nurturing the next generation the expert speaker said, "Some parents are sculptors - they have an idea of who the child has to become and hope to chisel away to make then in that image. But the more you are a sculptor – the more resistance you will get from the sculpture. It is better is to be a gardener - let the children discover if they are an apple tree or orange tree and be the best tree they can be. It is better to share the platform with them and provide them roles where they can contribute positively." Further, as an advice to senior family members, the expert speaker pointed out that they must have humility and lower the dependency of the company on themselves. He said, "That's the greatest test of greatness - Not to reinforce dependency but to lower it".
About the Speaker
Dr. Ivan Lansberg: He is an organizational psychologist who grew up in an entrepreneurial family in Venezuela. He has consulted with complex family businesses in the USA, Canada, Asia, Europe and Latin America, and has made significant contributions to the understanding of family business governance and succession.
About the Moderators
Peter Leach: Mr. Peter Leach is a family business expert who focuses on working with multi-generational family businesses on governance issues. He is regarded as one of the founding fathers of family business thinking and has been a leader in this field for over 30 years.
Sri Tatwamasi Dixit: Sri Tatwamasi Dixit is a well-known family business advisor and spiritual leader who works with family businesses across the world. He is internationally recognized for his knowledge and application of the wisdom of the Vedas. Sri Dixit draws on his extensive experience in commercial and management practices to help family businesses work on balancing and blending family and business priorities.