ILMA Compoundings October 2016 - 48

FAMILY BUSINESS

Education in Progress

Ownership Education

As children grow through their teenage and young adult years,
more tangible introductions to employment can be made.
Often times, children of entrepreneurs have an intimate
knowledge of the family enterprise as they grow up. They
spend time there playing or exploring while accompanying
their parents on the weekend. In later generations (especially
generation three and later), the opportunity for teenage
exposure to the business dwindles. The limited contact with the
business may hinder the knowledge and perceived opportunity
for that child. The innate understanding of exactly how the
company is run or how products or services are rendered does
not develop in the same way it does when children are around
the business more often. Therefore, more explicit structures for
exposing children to the business may be needed.

Introducing ownership at an adolescent stage is as easy as
inclusion in the family meetings. Family meetings are an
opportunity for education and learned responsibility of the
family enterprise. Parents can develop a culture of ownership
by carving out time to create, attend and participate in their
own family meetings. To increase interest and participation,
invite the teenagers to develop a part of the agenda. Their
involvement underscores the importance the family places on
each individual's involvement in the family business.

Employment Education
Some potential ways for children to become involved with
the family enterprise are after-school and summertime
employment in appropriate areas. Employment education
should include:
* Set learning goals each week.
* Communicate progress. Keep it structured by asking
questions such as:

°
°
°

How is what you're doing important to the company?

°

Do you have other thoughts about the area where you
work in our company that might be helpful for us to know?

°

What do you see as the next step if you leave this
department?

Can you see a way to improve the process for what you do?
Are you respecting others in their jobs? What might be
some of the ways that you show that?

* Receive feedback to promote the ability to listen and reflect
upon areas of needed improvement:

°
°
°

Needs to be constructive.
Outlines areas where they've done well.
Suggests areas where they could take initiative.

* College-aged kids can work in areas of interest or at other
companies that may have similar skills needed for the family's
company.

One family I worked with had a third generation where the
ages ranged from 16 to 40. The 16-year-old was honored to be
invited to the family meetings but was inevitably bored. His
parents started to forgive his absences and his participation
dwindled. Other cousins started to notice the absenteeism
and voiced opinions that his lack of participation was getting
out of hand. This young cousin was going to be their partner
one day and they wanted him to be prepared. All of the older
adults understood the challenge for the youngest to want to
attend and stay focused during the family meeting. So the
cousins invited the youngest member to develop a part of the
agenda and excused him from some of the other parts of the
meeting. The youngest cousin created an opportunity for the
family owners to be involved in a community project and in turn
started a new tradition.

History Education
Finally, storytelling at family meetings by senior generation
members is a good way to capture the attention of and educate
younger members. Stories of the early days, of mistakes
made and small triumphs achieved, help younger members
understand that nothing was ever perfect, that sometimes there
were failures, but the family endured. Those stories create a
sense of hope and wonderment. The family with the young
cousin also had a session in which each senior member shared
their worst mistake made early in their career with the whole
family. The senior generation enjoyed laughing at and sharing
their past mistakes, and the youngest member was inspired that
those elders, whom he held in such esteem, were once as green
as him. This particular family modeled a culture of attendance,
involvement flexibility and inclusion - the exact skills needed
for effective ownership. The youngest cousin, now college age,
is present at each meeting.

Vol. 66 No. 10 * 48 * October 2016 Compoundings



ILMA Compoundings October 2016

Table of Contents for the Digital Edition of ILMA Compoundings October 2016

FROM THE PRESIDENT
FROM THE CEO
ILMA THANKS
VOICES & VIEWS: Today's Most Powerful Marketing Tool
VOICES & VIEWS: As the Market Turns: Preparing for the Next Upswing in Carrier Rates
VOICES & VIEWS: Technology Trends for Lubricants Companies: The Benefits of Working with Millennials
SCHOLARSHIP PROGRAM
NOTES FROM API
NOTES FROM STLE
THE ICIS VIEW
INFINEUM: THE EVOLUTION OF PC-11 AND GF-6
MILITARY MATTERS
INTERNATIONAL INSIGHT
FOCUS ON ETHICS
REGULATORY SPOTLIGHT
FAMILY BUSINESS
FINANCIAL FREEDOM
RULES & REGS
POWER PLAY
LEGAL EASE
THE WHITE PAPER
THE HEART OF ILMA
Happy Trails: ILMA Sends Best Wishes to Retiring Members
Etna Hosts Congressional Dialogue with Rep. David Joyce
ILMA Compoundings October 2016 - 1
ILMA Compoundings October 2016 - 2
ILMA Compoundings October 2016 - 3
ILMA Compoundings October 2016 - 4
ILMA Compoundings October 2016 - 5
ILMA Compoundings October 2016 - 6
ILMA Compoundings October 2016 - FROM THE PRESIDENT
ILMA Compoundings October 2016 - 8
ILMA Compoundings October 2016 - ILMA THANKS
ILMA Compoundings October 2016 - 10
ILMA Compoundings October 2016 - 11
ILMA Compoundings October 2016 - VOICES & VIEWS: Today's Most Powerful Marketing Tool
ILMA Compoundings October 2016 - 13
ILMA Compoundings October 2016 - 14
ILMA Compoundings October 2016 - VOICES & VIEWS: As the Market Turns: Preparing for the Next Upswing in Carrier Rates
ILMA Compoundings October 2016 - 16
ILMA Compoundings October 2016 - VOICES & VIEWS: Technology Trends for Lubricants Companies: The Benefits of Working with Millennials
ILMA Compoundings October 2016 - 18
ILMA Compoundings October 2016 - 19
ILMA Compoundings October 2016 - SCHOLARSHIP PROGRAM
ILMA Compoundings October 2016 - 21
ILMA Compoundings October 2016 - 22
ILMA Compoundings October 2016 - 23
ILMA Compoundings October 2016 - 24
ILMA Compoundings October 2016 - NOTES FROM API
ILMA Compoundings October 2016 - 26
ILMA Compoundings October 2016 - 27
ILMA Compoundings October 2016 - NOTES FROM STLE
ILMA Compoundings October 2016 - 29
ILMA Compoundings October 2016 - 30
ILMA Compoundings October 2016 - THE ICIS VIEW
ILMA Compoundings October 2016 - 32
ILMA Compoundings October 2016 - 33
ILMA Compoundings October 2016 - INFINEUM: THE EVOLUTION OF PC-11 AND GF-6
ILMA Compoundings October 2016 - 35
ILMA Compoundings October 2016 - MILITARY MATTERS
ILMA Compoundings October 2016 - 37
ILMA Compoundings October 2016 - INTERNATIONAL INSIGHT
ILMA Compoundings October 2016 - 39
ILMA Compoundings October 2016 - 40
ILMA Compoundings October 2016 - 41
ILMA Compoundings October 2016 - FOCUS ON ETHICS
ILMA Compoundings October 2016 - 43
ILMA Compoundings October 2016 - REGULATORY SPOTLIGHT
ILMA Compoundings October 2016 - 45
ILMA Compoundings October 2016 - 46
ILMA Compoundings October 2016 - FAMILY BUSINESS
ILMA Compoundings October 2016 - 48
ILMA Compoundings October 2016 - 49
ILMA Compoundings October 2016 - 50
ILMA Compoundings October 2016 - FINANCIAL FREEDOM
ILMA Compoundings October 2016 - 52
ILMA Compoundings October 2016 - 53
ILMA Compoundings October 2016 - RULES & REGS
ILMA Compoundings October 2016 - 55
ILMA Compoundings October 2016 - 56
ILMA Compoundings October 2016 - POWER PLAY
ILMA Compoundings October 2016 - 58
ILMA Compoundings October 2016 - LEGAL EASE
ILMA Compoundings October 2016 - 60
ILMA Compoundings October 2016 - 61
ILMA Compoundings October 2016 - THE WHITE PAPER
ILMA Compoundings October 2016 - 63
ILMA Compoundings October 2016 - 64
ILMA Compoundings October 2016 - THE HEART OF ILMA
ILMA Compoundings October 2016 - Happy Trails: ILMA Sends Best Wishes to Retiring Members
ILMA Compoundings October 2016 - Etna Hosts Congressional Dialogue with Rep. David Joyce
ILMA Compoundings October 2016 - 68
ILMA Compoundings October 2016 - 69
ILMA Compoundings October 2016 - 70
ILMA Compoundings October 2016 - 71
ILMA Compoundings October 2016 - 72
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