Why Every Generation Thinks the Next One Is Useless – Family Business Succession Advice
Family Business Succession
Passing the Torch: Bridging the Generational Divide in Family Business Succession
“They won’t step up” vs. “They won’t let go”
If these viewpoints sound familiar, you aren’t alone—but you might be stuck. True succession isn’t about one generation winning and the other losing. It’s about bridging the gap. In this post, we’ll discover how to help founders let go of micromanagement and empower the next generation to confidently step into their future roles.
BABY BOOMERS / GENX – VIEWPOINT
A big milestone birthday is looming, and you want to work less. A 3-day working week would be nice; retirement would be even better. However, there is a big question mark over someone’s head. The next in line to step up and take over your role simply isn’t stepping up. You cannot see why they are not grasping this amazing opportunity with both hands; if you were their age, you would have jumped at the opportunity. It’s made you a nice, comfortable lifestyle for the last 20 years; there is plenty of work, and you are in demand.
Over the last few years, I’ve had conversations like the ones described above. Multiple business owners have commented, “My son cannot get out of bed in the morning. What keeps you motivated?” or “I want to work less, but things just won’t happen without me. How did you take over from your dad?” There was a recurring theme: one generation wanted to hand the business over to the next, but for some reason it wasn’t working the way they wanted.
The common scenario is that you start a business, nurture it like your own baby, and see it grow and blossom into a wonderful enterprise. Then, along comes your child or someone alike who hasn’t experienced any of that. They have little or no empathy for this business and see it somewhat as a ‘job’. They have no interest in the business’s finances or operations; they don’t understand the product you sell, and even arriving at work on time is sometimes a struggle. What do you do?
BABY BOOMERS / GENX – ANSWER
There is salvation, and your dream of a family business passed down from one generation to the next can be achieved. Your legacy that can provide financial security for many generations is possible. I’ve done it. Over the next few months, we are going to be discussing how to develop a succession plan that leaves your legacy in the family business. Before we can do this, we need to bring the generations together in a way that fosters understanding. Before we can do this, think about what you need to understand about the next generation.
MILLENNIAL & GEN Z – VIEWPOINT
You have tried your hardest to step up and take ownership of the family business. You are now the main contact for customers and running projects. Everyone in the business is now reporting to you. You feel like you have taken on the immense responsibility of the business, and sometimes the burden it places on your shoulders.
There is just one problem: your beloved father, mother, or the like keeps interrupting and worrying about small issues that you have already planned for. They simply won’t let go and are now becoming a workplace nuisance. Staff are confused about whether they should report to you or to them. You have no real idea of the business’s financial position because it is still guarded, and meetings with Accountants take place without you. You would love to take on more responsibility, but they are simply not letting go of the business, which stifles your progress.
As in the Baby Boomers / GenX viewpoint over the last few years, I’ve had conversations with exceptional young people who really want to take over the family business. Only to hear comments like “they keep pestering me, checking done this or that, I feel micro-managed” or “staff don’t listen, because dad comes in and tells them something different to what I have told them”.
When one generation hands down a family business they have built from scratch or have long been custodians of to another generation. It can be a nerve-wracking, anxiety-inducing experience, and if you don’t take time to understand and appreciate that. Your role will be harder and, in some cases, nearly impossible.
MILLENNIAL & GEN Z – ANSWER
I have been in this position. I understand the love and sometimes the frustration you feel for your father, mother, or others like them. Keep in mind that what can cause you frustration usually comes from a place of care for you, not sabotage. The generation you are succeeding has experience that you’ll need to learn from. Real-life experience you haven’t had.
I also understand what it’s like to step into the shoes of a role model that people admire. Taking over from a large character or influential person in an industry can be daunting. People will expect you to behave like your father, mother, or someone else. I would encourage you to develop your style and individuality. Be the best you can be.
Let’s clear something up!
Every generation throughout history has said something like: “The new generation doesn’t know they are born; in our day, it was much tougher”.
Whatever generation you were born in, your parents, teachers or alike would have said something similar about you! When I was entering adulthood as a Millennial, the media was full of people slating Millennials. According to the media (or to put it another way, a biased reporter who knows nothing about me), I am part of an entitled generation that wants promotions too early, doesn’t want to ‘earn my stripes’ like my forefathers did and is obsessed with avocado! Is it now not a coincidence that the same media is reporting similar negative and stereotypical views of Gen Z: “How dare these Gen Z want to have a side hustle so they can save enough money for a deposit on their first home, why won’t they work for the same business for 20 years without the prospect of promotion, that’s what we done in my day!”
The Cycle of Succession: We All Were, or Will Be, There
Whilst I am paraphrasing, there you get my gist. I am here to inform you that every generation has people who fit the narrative. In my experience, most don’t fit the narrative; they’re hard-working individuals who wish to better themselves.
To prove my point further, here is a quote:
“Our youth love luxury. They have bad manners and despise authority. They show disrespect for their elders and love to chatter instead of exercising. Young people are now tyrants, not the servants of their household. They no longer rise when their elders enter the room. They contradict their parents, chatter before company, gobble up food and terrorise their teachers.”
There is debate over who and when this quote was written; however, one theory is that the ancient Greek philosopher Socrates wrote this quote around 400 BC, another in 1907 1 . Either 400 BC or 1907, my theory shows that throughout time, one generation typically sees the next as lesser than themselves.
When working with your family on succession planning, keep this in mind. You might be a Baby Boomer who has grown your family business and is now doubting the next generation, but your predecessors most likely doubted you! Likewise, for Gen Z, when you reach the stage of handing the business down, remember you were in this position once.
1 Another theory is that whilst the words are usually attributed to Socrates, it was also written by a student, Kenneth John Freeman, for his Cambridge dissertation published in 1907 (Quote Origin:
Misbehaving Children in Ancient Times – Quote Investigator®).
Mark Bailey is a Family Business Consultant helping SMEs improve communication, profitability, succession planning and growth strategy. For more family business and small business sales support find and follow Mark Bailey on Linkedin.
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