A Guide to Reflecting on Your Entrance Into the Family Enterprise

The context of a family enterprise can be a source of well-being for members of the next generation, as it offers a safe environment where there are plenty of resources for finding a balance between different roles in life (e.g., work and family) and a balance between challenges and skills. Some of the reasons cited by members of the next generation for joining their respective family enterprises include: flexible hours, a comfortable and secure environment, money, taking care of parents, and creating something to pass on to their own children. Nonetheless, managing a family enterprise is a challenging endeavor that can involve sacrifices and which requires unique personal qualities.

Overall, from a perspective of well-being, the context of family enterprises can provide next-generation members with numerous opportunities for personal and professional growth; nonetheless, family enterprises also represent a complex context for daily life - especially for young members. The intertwined systems of family and business - both systems operating according to different logics - give rise to specific challenges such as the incorporation of the next generation into the family enterprise, which often constitute a delicate endeavor that must be planned very carefully.