| Bridging the Generation Gap of Family Businesses October 22nd, 2023 by Bill Boyajian |
 Integrating the next generation into a family business can be challenging. 30 years separate generations, so differences in perspective based on the societal norms that were present during each’s formative years can create problems and dysfunction that are hard to reconcile. Baby boomers, in particular, have a hard time understanding Millennials, let alone the Gen Zers who are now entering the workforce. Of course, these younger generations have an equally hard time understanding the mentality of Boomers and even Gen Xers. Styles of work and thinking differ markedly. Youth can’t understand why older generations are so rigid in their ways, and older generations complain about the work ethic and novel expectations of the younger generations. I spend much of my consulting and coaching time bridging the gap between generations to get each to understand the other. The willingness of both to learn and gain mutual respect is the key. Sometimes it works, and sometimes it doesn’t. In my view, the largest responsibility lies with the older generation. Family business owners have to ask themselves what they really want for the future of their business. Just how badly do they want it to continue in the hands of the next generation? And what are they willing to compromise on in order to make that happen? Bridging the generation gap in family businesses is a little like living in harmony in a business partnership or even a marriage. Compromise becomes the mandate for success. If you are challenged with bridging the generation gap in business transition or succession, drop me a line or give me a call to see if I can help. Tags: Advice, Business Development, Challenge, Compromise, Developing Leaders, Expectation, Family, Gen Z, Generations, Harmony, Knowledge, Leadership Excellence, Leadership Skills, Millennials, Partnership, Personal Development, Perspective, Responsibility, Success, Succession, The Mind of a Leader, Transition, Willing, Work Ethic, Workforce |
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“I needed help orchestrating a succession plan for our business. I had heard that Bill Boyajian specialized in assisting owners to transition their business to the next generation. He knows how to bridge the generation gap and deliver what each needs to hear. I would recommend Bill to any business owner who needs advice on succession planning from a trusted outside professional.”
–Charles Denaburg,
Managing Partner,
Levy’s Fine Jewelry
Birmingham, AL
"Our family needed some guidance on business transition and succession planning. We asked Bill Boyajian to help us because we knew we could trust him to tell us what we needed to hear. Bill became a valuable resource for our company and our entire family. He has the ability to meet each of us where we’re at and it has served us very well."
–Ceylon Leitzel
Leitzel Fine Jewelry
Hershey & Myerstown, PA
“We needed a plan to transition our business to a non-family member and we asked Bill Boyajian to help us. His experience in the area has really paid off, but we didn’t expect the added value of putting us together with a financial planner who helped organize our retirement needs. We now have the fundamentals to transition our business successfully, and we have Bill to thank for it.”
–Ernie & Debbie Cummings
Kizer-Cummings Jewelers
Lawrence, KS
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