[et_pb_section fb_built=”1″ _builder_version=”4.16″ custom_padding=”22px|||||” global_colors_info=”{}”][et_pb_row admin_label=”CTA” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” collapsed=”on” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_divider color=”#397389″ divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_cta title=”Stand up and be heard! Contact your lawmakers in Congress to advocate for positive change.” button_url=”https:\/\/familyenterpriseusa.com\/polling-and-research\/contact-your-representatives-in-congress-to-join-the-cong” url_new_window=”on” button_text=”Act now by clicking here!” admin_label=”Call To Action Top” _builder_version=”4.25.1″ _module_preset=”default” background_color=”#397389″ custom_button=”on” button_bg_color=”#ff0019″ custom_margin=”-17px|||||” custom_padding=”16px||19px|||” global_module=”9695″ saved_tabs=”all” global_colors_info=”{}”][\/et_pb_cta][et_pb_divider color=”#397389″ divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_5,3_5,1_5″ admin_label=”Author Byline” _builder_version=”4.24.3″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/www.brownandstreza.com\/davidkeligian” link_option_url_new_window=”on” collapsed=”on” global_colors_info=”{}”][et_pb_column type=”1_5″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_image src=”https:\/\/familyenterpriseusa.com\/wp-content\/uploads\/2024\/05\/Team-members-Pat-S.jpg” title_text=”Patricia M. Soldano” _builder_version=”4.25.1″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”3_5″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Author” _builder_version=”4.25.1″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n
By Patricia M. Soldano<\/a> [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_5″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” collapsed=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”1″ _builder_version=”4.25.2″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n <\/p>\n In a survey just published by The Smith Family Business<\/a> Initiative at Cornell University, with the help of Family Enterprise USA and The Roberts Group, the idea of communicating effectively with the Next Generation, and vice versa, came out as the one big hurdle family businesses face.<\/strong><\/p>\n As far as I know, no one has ever asked young members of successful family businesses<\/a> what challenges they face in taking over the business 10, 20, or 30 years down the road. Or, if the Next Gen<\/a> understands the key issues they may face, like the elimination of Step Up in Basis, reductions in the lifetime exemption, increases in the rate of gift, estate, and GST taxes, the loss of valuation discounts, increases in income tax rates, or the establishment of a wealth tax.<\/p>\n The Cornell research was designed to give voice to next-generation<\/a> to \u201cbetter understand their concerns and attitudes towards family businesses,\u201d according to Dann Van Der Vliet, Executive Director of the Ithaca, N.Y.-based The Smith Family Business Initiative at the university.<\/p>\n In the survey, first presented at the May meeting of the Congressional Family Business Caucus<\/a> in Washington, D.C., some 92 North American students enrolled in family business or entrepreneurship-related courses voiced their worries.<\/p>\n The top concern among the Next Gen respondents<\/a> was the need for \u201cfamily communication,\u201d that is, there\u2019s a lack of family communication, they said.<\/p>\n The big issues of building a great workplace culture, recruiting and training employees, and improving benefits and pay are not yet top of mind. And broader issues like, reducing the federal deficit or national debt, likewise have not yet appeared on their radar.<\/p>\n After communication, the students said their next worries were about their ability to \u201cgrow revenue\u201d and build upon their family business<\/a>. The third major concern was wondering if there is a basic \u201csuccession plan\u201d in place.<\/p>\n Family businesses, and all businesses, are a mix of generations. But with people living longer, and retiring later, the leadership pipeline can get jammed up.<\/p>\n The Cornell survey tells us clearly that the older leaders, mostly Boomers, are not communicating enough with the Next Generation<\/a>. They\u2019re feeling left out.<\/p>\n Talking to The Future<\/strong><\/p>\n After the pandemic, the shift to remote or hybrid work has made generational differences starker. The workplace is beyond all recognition from five years ago.<\/p>\n Oldsters are still getting used to Zoom meetings, updating CRMs, social media marketing posts, while the Next Gen sees this as a way of life.<\/p>\n It\u2019s worth understanding how generations communicate. If you\u2019ve never thought about these differences, here are some highlights and possible ways of bridging the communications gap.<\/p>\n Baby Boomers<\/strong><\/p>\n The soon to retire, or already retired, Baby Boomers, born post World War 2 and into the mid-1960s, are usually represented as having a strong work ethic, seek direct, face-to-face communication styles, and have been disciplined by hierarchical work structure with clear titles and guidelines for authority.<\/p>\n This group is aging out fast, though is still very much running the show and living longer than ever. Boomers tend to prioritize personal connections and formal communication, using phone calls, live meetings, and memos as the correct way to communicate, even if the newest generations avoid the phone and can\u2019t stand in-person meetings.<\/p>\n Recommendations:<\/strong><\/p>\n Generation X<\/strong><\/p>\n When we look at the next generation, Generation X, born between the mid-1960s and early 1980s, they straddle the first analog to digital transition. They are adapters, the first techies in the home, and prefer efficient communication that doesn\u2019t encroach on their passions or work-life balance. The old ways are for the dust bin. Recommendations:<\/strong><\/p>\n Millennials<\/strong><\/p>\n Born between the early 1980s and the mid-1990s, Millennials, also known as Generation Y, grew up during a technological revolution. They value work-life balance also, even more than Generation X. They seek purpose in their careers, and are super digitally adept, shaping their communication and letting the world know how to best reach them, some even being digital nomads, that is, working from anywhere in the world that has internet access. Who needs an office, desk, or HQ? Why not work from Costa Rica?<\/p>\n Millennials value authenticity and open communication. They prefer interactive platforms like messaging apps, email, and social media. They long for recognition for their contributions and enjoy opportunities for personal development, so long as it fits into their lifestyle.<\/p>\n Recommendations:<\/strong><\/p>\n Next up, Generation Z.<\/strong><\/p>\n Born from the mid-1990s to the early 2010s, Generation Z (aka post-Millennials), are true digital natives. They are the tech-savviest, quickest learners, and expect instant communication through various digital channels. There is no reason to talk on the phone ever again.<\/p>\n Generation Z embraces digital communication as second nature. They prefer instant messaging on platforms, video conferencing, and collaboration tools. They appreciate authentic, real-time feedback and seek diverse and inclusive workspaces.<\/p>\n Recommendations:<\/strong><\/p>\n Here come the \u201cAlphas.\u201d<\/strong><\/p>\n Born after 2010, Alphas are the youngest generation entering the workforce in the coming years. Though not yet significantly represented, they are growing up immersed in a world of advanced technology and have their unique traits yet to be fully understood.<\/p>\n While Alphas are yet to join the workforce, they are expected to be even more digitally native then their elders. Their communication preferences will likely reflect the latest technological trends as they grow.<\/p>\n Recommendations:<\/strong><\/p>\n God only knows<\/p>\n [\/et_pb_text][et_pb_divider divider_style=”dotted” disabled_on=”off|off|off” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text disabled_on=”off|off|off” admin_label=”Become a member text” _builder_version=”4.21.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5822″ global_colors_info=”{}”]<\/p>\n As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a member.<\/p>\n The need for fact-based reporting of issues important to multi generational businesses<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, multi generational businesses<\/a> and family businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to generationally-owned family businesses<\/a> built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates<\/a>, possible elimination of valuation discounts, increase in capital gains tax<\/a>, enactment of a wealth tax<\/a>, and the continued burden of the gift tax<\/a>, estate tax<\/a> and generation skipping tax<\/a>.<\/p>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/donate\/” button_text=”Become a Family Enterprise USA Member” button_alignment=”center” disabled_on=”off|off|off” admin_label=”Become FEUSA member button” _builder_version=”4.21.0″ _module_preset=”default” custom_button=”on” global_module=”6503″ global_colors_info=”{}”][\/et_pb_button][et_pb_divider divider_style=”dotted” disabled_on=”off|off|off” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_video_slider admin_label=”Video Slider Webinar Replays” _builder_version=”4.21.0″ _module_preset=”default” global_module=”5954″ saved_tabs=”all” global_colors_info=”{}”][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=ebLC74TMplE” _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=fIbiW_qFdE0″ _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=uKyoSHKZ-5o&t=81s” _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=KIgfjsdi4o0″ _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=6ME0xh9XKSM” _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=Ggte5YDferU” _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=GnpvvzhcfS0″ _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=6UMxZ8yBsOs” _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][\/et_pb_video_slider][et_pb_text disabled_on=”off|off|off” admin_label=”FEUSA Statement” _builder_version=”4.21.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5910″ saved_tabs=”all” global_colors_info=”{}”]<\/p>\n Family Enterprise USA<\/a> promotes generationally<\/a> owned family business<\/a> creation, growth, viability, and sustainability by advocating for family businesses<\/a> and their lifetime of savings with Congress<\/a> in Washington DC.\u00a0 Since 2007, Family Enterprise USA<\/a> has represented and celebrated\u00a0all sizes, professions and industries of family-owned enterprises and multi-generational<\/a> employers. It is a bi-partisan 501.c3 organization.\u00a0Family foundations can donate.<\/a><\/p>\n [\/et_pb_text][et_pb_text disabled_on=”off|off|off” admin_label=”Hash tags & Tags” _builder_version=”4.21.0″ _module_preset=”default” global_module=”6498″ global_colors_info=”{}”]<\/p>\n #incometax #taxseason #federaltaxpolicy #taxation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #CapitalGainsTax #incometaxrates #incometaxseason #taxrefund #taxreturn #incometaxreturn #gifttax #Generationskippingtax #InheritanceTax #repealestatetax #FamilyBusiness #promotefamilybusinesses #familyowned #supportlocalbusiness #womeninbusiness #AdvocatingForFamilyBusinesses #Generationallyowned #Multigenerationalbusiness\u00a0 @FamilyEnterpriseUSA @PolicyAndTaxationGroup @DitchTheEstateTax #FamilyEnterpriseUSA #PolicyAndTaxationGroup #DitchTheEstateTax<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" By Patricia M. SoldanoPresidentFamily Enterprise USACommunication is the X Factor When It Comes to Bringing Up \u2018Next Gen\u2019 Leadership When it comes to the developing the next round of leaders for America\u2019s family businesses simple communications may be the X factor in a successful transition, or a failed one. \u00a0 In a survey just […]<\/p>\n","protected":false},"author":2,"featured_media":11733,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[48,3,92,103,94],"tags":[],"class_list":["post-11731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-feusa","category-multi-generational-business","category-next-gen","category-pat-soldano"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/11731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11731"}],"version-history":[{"count":4,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/11731\/revisions"}],"predecessor-version":[{"id":11738,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/11731\/revisions\/11738"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/11733"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
<\/strong>President<\/em>
Family Enterprise USA<\/p>\nCommunication is the X Factor When It Comes to Bringing Up \u2018Next Gen\u2019 Leadership<\/strong><\/h1>\n
When it comes to the developing the next round of leaders for America\u2019s family businesses simple communications may be the X factor in a successful transition, or a failed one.<\/strong><\/em><\/h2>\n
\u00a0<\/h2>\n
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Generation X prefers straightforward, concise communication, and as the first masters of emailing, then texting, and other new digital platforms they have maximized their time and results, while still having fun.<\/p>\n\n
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We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…<\/em><\/h4>\n
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