Developing Next Generation Leaders for Transgenerational Entrepreneurial Family Enterprises

Developing Next Generation Leaders for Transgenerational Entrepreneurial Family Enterprises

The Successful Transgenerational Entrepreneurship Practices series

Edited by Pramodita Sharma, Nunzia Auletta, Rocki-Lee DeWitt, Maria Jose Parada and Mohar Yusof

This illustrative book considers the interface of business structures, contexts, and leadership building blocks to explore the contingent nature of leadership development in transgenerational entrepreneurship. Longitudinal case studies of 27 family firms in nine different countries provide a rich, global selection of leadership development insights by examining the role of values, professionalization, leadership style and other contingent factors.

Chapter 10: Parenting and next gen development

Alberto Gimeno and Maria José Parada

Subjects: business and management, entrepreneurship, family business

Extract

It was a sunny day of February 2015 and Mrs See was thinking about her closest competitors who were facing a major succession crisis in taking their firm from the second to the third generation. On reflection, she thought that most of the problems they were facing had to do with the way the members of the next generation behaved toward the family business, their lack of commitment, inability to adapt, and lack of cohesion. What most surprised her about the younger members of the family was their sheer frivolity. They frittered away most of their time racing around in sports cars and living it up. Worse still, the parents allowed them to do whatever they liked. ‘After all, the parents did not see eye to eye, the father was away most of the time and the mother indulged her children’s every whim,’ Mrs See told her husband. Then she thought: ‘I think we have done a good job in bringing up our children. Luckily they seem to have learnt that effort and hard work and, a down-to-earth approach to life is what counts, no matter how rich you are.’ Metal Inc. is a Spanish family business based in Barcelona. Founded in the early 1950s, the business is making a transition from the third to the fourth generation. The company is successful and a leader in the infrastructure sector at both the national and the international levels.

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