By Scott McCulloch
Scott McCulloch is a North American media consultant and former Editor of CampdenFB
“It becomes their family identity, but
it is not an overwhelming case where everyone stays in the business longer, yet it is trending upward.” The actual number of generations
working in an enterprise is neither here nor there, say commentators familiar with family firms. The key is how well the business runs. Schmieder says Baby Boomers, Gen-
Xers and millennials do not necessarily bring a clash of cultures but rather a palette of perspectives. “In an organisation where they are
respected and listened to… that is a strong intangible asset.” Thirty years ago, succession planning
was often a dry discussion about one generation handing off something to another, says San Francisco-based consultant Dennis Jaffe. “Longevity has really changed the
playing field for family businesses.” That, Jaffe adds, has enriched
generational perspectives. “The older generation is not
necessarily retiring, but moving beyond operational roles and becoming mentors rather than decision-makers. As life expectancy increases, it is increasingly common to see 80-to 90-year-old people at work.” Why? Health goals for one. One
in two US investors believe working longer ensures well-being, according to UBS. But there are limits, says Richoufftz.
ISSUE 73 | 2018
THE OLDER GENERATION IS NOT NECESSARILY
RETIRING, BUT MOVING BEYOND OPERATIONAL ROLES AND BECOMING MENTORS RATHER THAN DECISION-MAKERS
“Having somebody over 75 on the board making
business decisions is not a good idea, not only because they overshadow the others, but because they are not concerned by what is happening in terms of key business trends like artificial intelligence and so on.” And the youngsters? At 56 million, millennials
became the largest generation in the US labour force in 2016. Can they teach Boomers and Gen Xers anything new? “Absolutely,” Schmieder says. “There’s a lot of learning going on with technology
and social media in particular.” Yet apprenticeship avenues run two ways, often
under the watchful eyes of elders with deep expertise in managing risk. “Young generations from any era are less risk-averse
(than older generations), which is healthy as long as it is managed and calculated, which is often what the more seasoned generations can provide,” he says. As life expectancy creeps upwards, three generations
under one work roof will become common. Blood being thicker than water, Richoufftz says tough challenges inevitably lie ahead for business families. Tough, but not insurmountable. “The most difficult thing for the family generations
to learn is how to share authority because often you have people who are made of the same DNA, and it does not make it any easier.”
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