How to prepare NextGen to run your family business - Exploring Family Business

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NextGen framework transition family business

Episode notes

In season 3 of Exploring Family Business, we address the topic of the NowGen to NextGen transitions. We will explore both the personal and practical aspects of handing over ownership and the management of a family business and the challenges and opportunities that change can bring. Today, we’re joined by Alan Frost, Partner at Mazars UK. Alan advises family-owned businesses ranging from the 2nd to 4th generation. He also benefits from speaking from personal experience, as he was the 3rd and final generation in his own family’s business. In family businesses, usually, the owners select and put relatives in the most senior positions. But Alan believes they should prepare by detaching themselves from personal connections and instead consider the requirements of the business first. A greater focus on what the business needs and what is best for the organisation and its stakeholders, is required for a successful transition of control. Alan also shares how family businesses can prepare NextGen for leadership and decision-making roles and how to create a strategy and the framework to formalise the process.