LEADERSHIP

Family Business Peer Groups are Gamechangers for the Next Gen

February 14, 2024

Reality. Only 33% of family businesses make it through the second generation with the odds for future generations decreasing significantly from there. If you ask any family business owner, they’ll tell you the journey in a family business is both immensely gratifying and equally challenging. It takes courage and determination to navigate the tides of business. Add family to the mix and those challenges are amplified.

So what’s different now? It seems with each generation, the need for adaptability, resilience, and embracing technology accelerates exponentially. It’s no longer enough to pick a successor. It requires preparing the ENTIRE leadership team, resulting in an urgent need for leadership development for the Next Generation of family businesses.

Family Business Peer Groups Provide The Missing Connection in Leadership

Many family-led companies hire business consultants to grow the business. Some even send their emerging leaders to personal development programs. But there is a gap – and it’s a BIG one. Few traditional business consultants speak to the importance of leadership, especially with the family dynamics at work. As Family Business Consultants, Compass Point knows the intrinsic value of investing in leadership – from senior executives to middle management – and doing so with a program that understands the unique challenges of growing both revenue and people in a family business.

Leadership Designed with Family Businesses in Mind

My Compass Point colleague Cheyenne Sweeney and I retooled one of our long-running family business peer groups, the Compass Point Leadership Lab program. How is the Self-Mastery Leadership Lab different from our previous sessions? It comes down to three key focuses:

Foundations of Self-Awareness

I can’t emphasize enough the foundational importance of self-awareness in personal development. Regardless of what you sell or do, your people are your business’s greatest asset. They must feel comfortable bringing their full selves to the workplace so they can engage in the hard work of creativity, innovation, collaboration, and commitment to something greater than themselves. This introspective journey forms the cornerstone of the Self-Mastery Leadership Lab with a dedicated focus on mastering the intricacies of our leadership identities before venturing into interactions with others.

The Power of Coaching Partnerships in Family Business Peer Groups

We’ve distinguished the Self-Mastery Leadership Lab through the integration of peer coaching partnerships. Having your peer as an accountability person there along with you, who knows your goals for the Lab, helps you make more meaningful connections to the content. These partnerships foster collaboration, mutual learning, and shared growth, reinforce the lessons learned over the 10-month program, and encourage participants to apply them in real-world contexts.

Cultivating Resilience and Authenticity

Resilience emerges as a crucial trait nurtured within the Self-Mastery Leadership Lab framework. It seems like our resilience is tested daily these days. In an environment where change is constant and adversity is inevitable, resilience equips individuals with the tools to adapt, persevere, and thrive amidst uncertainty and ambiguity. Through shared experiences, collective support, and guided reflection, the Self-Mastery Leadership Lab empowers participants to harness their resilience and confront challenges head-on with confidence and determination.

Leveraging Family Business Peer Groups to Unlock Authenticity

Read anything about leadership and you’ll see an emphasis on authenticity. Being able to show up as your true authentic self in ways that align with the company’s core values is powerful in the workplace. This connection starts with self-awareness, building a network of peers who understand the journey, and having a safe space for self-exploration and growth. Self-Mastery Leadership Lab provides this nurturing environment and enables participants to embrace their authenticity, lead with integrity, and inspire positive change in their spheres of influence.

Leadership is not just about achieving success but empowering others to do the same, thereby creating a ripple effect of positive change and transformation within the organization. Through effective leadership, individuals are guided toward self-discovery, goal attainment, and continuous improvement. Whether leading oneself or others, the qualities and behaviors of leadership provide a roadmap for individuals to realize their potential, overcome obstacles, and thrive in all aspects of life.

The Time is Now

It’s not a matter of whether or not you invest in your people. It’s a matter of when since your people are the lifeline of your business and directly impact your family business’s success and legacy. Enroll your leaders in Compass Point’s family business peer group, Self-Mastery Leadership Lab, to put them on the path of getting your business past the second generation.

Enroll Now