ILMA Compoundings October 2016 - 47

FAMILY BUSINESS

Introducing Teens and
Young Adults to the
Family Enterprise
Deb Houden, Ph.D.

T

he universal truth is the next generation always surpasses
the preceding one. That is the nature of evolution. It is
the responsibility of each generation to prepare the next
to exceed them. In enterprising families, there are many facets
to that preparation: leadership, ownership, independence and
stewardship. Skill development starts early with a very young
child and continues on.
"Preparation is a lifelong process that starts as soon as the
child becomes conscious of the activities of the adults around
them. Work habits, attitudes toward the business, values, and
relationships all take root in the soil of childhood and are
formed over the years, long before successor development
begins in any formal way." (Aronoff & Ward, 2011)1
Continuity in the family business is dependent upon the next
generation. Because there are many facets to that continuity,
the best place to start is with education.

Education Starts Early
Preparation of the next generation should start early. The
biggest impact in preparation for the next generation is
development of a positive attitude. The way that employment,
ownership, interpersonal interaction and self-sufficiency are
talked about in the family home sets up an underlying attitude
that can be sustainable during the next generation's lifetime. If
employment is discussed at home as an opportunity for selffulfillment, problems to solve, goals to achieve, relationships
to enjoy and responsibilities to honor, then children look
forward to employment in any business. On the other hand, if
employment in the family enterprise is discussed as a stressful,
boring and stagnant duty with relationships with relatives
who are hateful, then children foresee the enterprise as an
obligation, a place where they must work but will never be
fulfilled.

Case in point: Mary was a third-generation member of a
family business finishing her college degree in an area in which
she was proficient but did not enjoy. She had been told her
degree needed to be in an area that was necessary for the
family business. She knew her father and his sister did not get
along, and that her aunt was
flakey and incompetent.
She also knew her cousin
who already worked at
the company was just
like his mother. When I
interviewed Mary, she
had already formed
a negative opinion
regarding working
with her relatives
and her employment
in the business. Her
negative attitude
was set. In fact,
research has
shown that one of
the biggest indicators
regarding satisfaction
with the family firm
is the perception that
employment (and
future ownership) was
an opportunity rather
than an obligation
supports such attitude
development in
children. (Houden,
2008)2

Compoundings October 2016 * 47 * Vol. 66 No. 10



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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