By Prof. F. Kasese
Family businesses crumbling due to a lack of interest from the next generation is a tale as old as time. Entitlement, disconnection, and a misguided sense of privilege have become the hallmarks of the prodigal son syndrome that pervades many family businesses.
When children are handed luxury and comfort on a silver platter, without being taught the value of hard work and responsibility, they are unlikely to develop the skills and passion needed to carry on the family legacy.
To the children who have been given every privilege and opportunity, but have developed a mentality akin to that of the prodigal son, I say this:
You have too much in your pocket and nothing in your head. You want to reap what you did not sow. You are like parasites, feeding off the success of your parents without contributing anything of value.
Your presence in the business is about the money, but your interests are elsewhere. You live a life of showmanship, indulging in all sorts of vices, and yet you expect to inherit the business and legacy that your parents have built.
Here is a newsflash: the business is void of legacy keepers. Once your father passes on, the business and the legacy will become archived in the chronicles of failed companies.
Parents, it is essential to recognize that your children’s lack of interest in the family business is also a reflection of your own parenting style. By sending them to expensive schools merely to display your wealth, you are teaching them that success is solely about status and material possessions.
Instead, focus on instilling values like hard work, responsibility, and resilience.
So, what can you do to attract your children’s interest and ensure they are equipped to carry on your legacy?
1. Lead by example: Show your children the value of hard work and dedication by being actively involved in the business.
2. Involve them in the business: Encourage your children to take on small roles or responsibilities within the company, teaching them the ins and outs of the business.
3. Foster a sense of ownership: Help your children develop a sense of ownership and pride in the family business by sharing its history, values, and mission.
4. Develop their skills: Provide opportunities for your children to develop the skills they need to succeed in the business, such as leadership, communication, and problem-solving.
5. Create a succession plan: Establish a clear succession plan, outlining the steps for your children to take over the business, and ensure they are prepared to do so.
By taking these steps, you can help your children develop a genuine interest in the family business and ensure they are equipped to carry on your legacy.
Remember, it is not just about passing on a business; it is about passing on values, traditions, and a sense of purpose.
And to those who refuse to learn from their parents’ experiences and insist on squandering the family legacy, beware.
When you die, the vulture spirit will take over your children. They will come from far and wide, and in no time, mercilessly strip the business to the bone.
Don’t let this be the fate of your family business.
Contact
Prof. F. Kasese
Heavenly Coaching Clinic
Contact: +263778633691
