ILMA Compoundings - August 2019 - 30
BUSINESS HUB
How Family Businesses
Mentor Next Generation
Leaders
By Stephen L. McClure, Ph.D.
C
areer development for next-generation family members who
aspire to leadership in a family
business can be quite challenging. One
of the biggest obstacles is providing
these individuals honest feedback on
their current job performance and
objective advice on steps they can
take to get the opportunities they
will need to make it to the next level.
Family leaders in the business may
be uncomfortable or unable to give
objective feedback to a family member,
and many nonfamily executives may
struggle with being entirely objective
with the boss's son or daughter.
To quote Nurturing the Talent, a
book from the Family Business Leadership Series: "A mentor is an older,
more seasoned person who wants
to share his or her experience with
someone younger." A mentor is also
a resource to whom the mentee can
turn with a question or concern - a
trusted adviser. In addition, the mentor can point out when the mentee
needs to adjust something in his or her
work performance and can give the
mentee insight on opportunities he or
she should pursue.
Finding one person who can
adequately fulfill this role can be a
challenge. As a result, some family
businesses have explored developing
a mentor team to give the next-generation family member access to a
broader range of perspectives and to
give mentors a little cover so they can
30
AUGUST 2019
| COMPOUNDINGS | ILMA.ORG
be more honest in their feedback to
the family mentee. A mentor team
may include a long-term employee
who can provide insight on fitting
into the culture and another person
who might provide industry insights
or deeper knowledge in an area of
business that appeals to the mentee. In
addition, if suggestions and feedback
come from the group, it can defuse
some of the tension or concerns
executives might have in being honest
about the limitations of a person who
is related to the boss and who could
one day become their boss.
So, how might one go about setting
this up? First, a mentor team may
be appointed by either the board
of directors or through consensus
among the ownership group (if there
is no functioning board). This team
is accountable either to the board (or
owner group), and in larger firms, the
head of the human resources department may coordinate the mentor team.
In some firms, the mentor team provides
an annual report on its objectives and
general progress on the objectives. When
practical, this team could include executives from outside the business - either
http://www.ILMA.ORG
ILMA Compoundings - August 2019
Table of Contents for the Digital Edition of ILMA Compoundings - August 2019
LETTER FROM THE PRESIDENT
LETTER FROM THE CEO
INSIDE ILMA
WHAT’S COMING UP
NEW MEMBERS
INDUSTRY RUNDOWN
IN THE KNOW
INTERNATIONAL INSIGHT
MARKET REPORT
A WORTHY VENTURE
THE POWER OF INTERNSHIPS
BUSINESS HUB
COUNSEL COMPOUND
WASHINGTON LANDSCAPE
IN NETWORK
MEMBER CONNECTIONS
CROSS CONNECTIONS
PORTRAIT
ILMA Compoundings - August 2019 - Cover1
ILMA Compoundings - August 2019 - Cover2
ILMA Compoundings - August 2019 - 1
ILMA Compoundings - August 2019 - 2
ILMA Compoundings - August 2019 - LETTER FROM THE PRESIDENT
ILMA Compoundings - August 2019 - 4
ILMA Compoundings - August 2019 - LETTER FROM THE CEO
ILMA Compoundings - August 2019 - INSIDE ILMA
ILMA Compoundings - August 2019 - 7
ILMA Compoundings - August 2019 - 8
ILMA Compoundings - August 2019 - 9
ILMA Compoundings - August 2019 - 10
ILMA Compoundings - August 2019 - 11
ILMA Compoundings - August 2019 - WHAT’S COMING UP
ILMA Compoundings - August 2019 - NEW MEMBERS
ILMA Compoundings - August 2019 - INDUSTRY RUNDOWN
ILMA Compoundings - August 2019 - 15
ILMA Compoundings - August 2019 - 16
ILMA Compoundings - August 2019 - IN THE KNOW
ILMA Compoundings - August 2019 - INTERNATIONAL INSIGHT
ILMA Compoundings - August 2019 - 19
ILMA Compoundings - August 2019 - MARKET REPORT
ILMA Compoundings - August 2019 - 21
ILMA Compoundings - August 2019 - A WORTHY VENTURE
ILMA Compoundings - August 2019 - 23
ILMA Compoundings - August 2019 - 24
ILMA Compoundings - August 2019 - 25
ILMA Compoundings - August 2019 - THE POWER OF INTERNSHIPS
ILMA Compoundings - August 2019 - 27
ILMA Compoundings - August 2019 - 28
ILMA Compoundings - August 2019 - 29
ILMA Compoundings - August 2019 - BUSINESS HUB
ILMA Compoundings - August 2019 - 31
ILMA Compoundings - August 2019 - COUNSEL COMPOUND
ILMA Compoundings - August 2019 - 33
ILMA Compoundings - August 2019 - WASHINGTON LANDSCAPE
ILMA Compoundings - August 2019 - 35
ILMA Compoundings - August 2019 - MEMBER CONNECTIONS
ILMA Compoundings - August 2019 - 37
ILMA Compoundings - August 2019 - CROSS CONNECTIONS
ILMA Compoundings - August 2019 - 39
ILMA Compoundings - August 2019 - PORTRAIT
ILMA Compoundings - August 2019 - Cover3
ILMA Compoundings - August 2019 - Cover4
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