{"id":13808,"date":"2025-04-02T16:56:07","date_gmt":"2025-04-02T23:56:07","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=13808"},"modified":"2025-04-02T16:56:13","modified_gmt":"2025-04-02T23:56:13","slug":"engaging-next-generation-members-in-the-family-business-and-family-enterprise","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/family-businesses\/engaging-next-generation-members-in-the-family-business-and-family-enterprise\/","title":{"rendered":"Engaging Next Generation Members in the Family Business and Family Enterprise"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;4px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.16&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_divider color=&#8221;#397389&#8243; divider_weight=&#8221;2px&#8221; _builder_version=&#8221;4.19.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_divider][et_pb_cta title=&#8221;The data is in! See what family owned businesses are saying about today\u2019s challenges and opportunities.&#8221; button_url=&#8221;https:\/\/familyenterpriseusa.com\/family-business-survey\/&#8221; button_text=&#8221;Read the 2025 Annual Survey Executive Survey now! Click here.&#8221; disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;Call To Action Top&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; header_font_size=&#8221;22px&#8221; background_color=&#8221;#397389&#8243; custom_button=&#8221;on&#8221; button_bg_color=&#8221;#ff0019&#8243; custom_margin=&#8221;-17px|||||&#8221; custom_padding=&#8221;16px||19px|||&#8221; global_module=&#8221;9695&#8243; saved_tabs=&#8221;all&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_cta][et_pb_divider color=&#8221;#397389&#8243; divider_weight=&#8221;2px&#8221; _builder_version=&#8221;4.19.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_divider][et_pb_text admin_label=&#8221;1&#8243; _builder_version=&#8221;4.27.4&#8243; text_font=&#8221;||||||||&#8221; text_font_size=&#8221;16px&#8221; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<p><em><strong>By Megan Helzner, Principal, CFAR<\/strong><\/em><\/p>\n<h1><strong>As 76 million Baby Boomers prepare for retirement, there will be an enormous transfer of wealth to Gen X, Millennials, and Gen Z. According to estimates by Merrill Lynch, what is commonly referred to as The Great Wealth Transfer means that more than $80 trillion in assets will shift from Boomers to the next generations over the next two decades.<\/strong><\/h1>\n<p>&nbsp;<\/p>\n<p>This demographic reality (see Figure 1) has enormous implications for family businesses and family enterprises (including family offices and family foundations) writ large. If an unprecedented amount of wealth\u2014in the form of liquid assets, shared investments, shared philanthropic commitments, or family enterprises\u2014is to be transferred, it is vitally important to consider how to effectively shift ownership, control, decision-making, and management from one generation to the next in a way that drives value and preserves family harmony. While families could simply shift ownership and decision-making, the longevity and health of the enterprise are at risk without meaningful engagement and development of the next generation over time.<\/p>\n<p>In our view at CFAR, engaging the next generation is never a \u201cone-and-done\u201d process between two people (imagine Dad and Daughter) or two parties (imagine Leading Generation and Next Generation). Rather, engagement is an artful dance. It requires a systemic approach that focuses on how family inside the enterprise and outside, non-family leaders (if they exist in your system), and trusted advisors can help.<\/p>\n<p>[\/et_pb_text][et_pb_divider color=&#8221;#397389&#8243; divider_style=&#8221;dotted&#8221; disabled_on=&#8221;off|off|off&#8221; _builder_version=&#8221;4.19.5&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||14px|||&#8221; custom_padding=&#8221;10px||2px|||&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_divider][et_pb_button button_url=&#8221;https:\/\/familyenterpriseusa.com\/wp-content\/uploads\/2025\/04\/CFAR_FEUSA_Whitepaper_Spring_2025.pdf&#8221; url_new_window=&#8221;on&#8221; button_text=&#8221;The Great Wealth Transfer is here\u2014how will your family business thrive across generations? Read more about strategic next-gen engagement, why it is important, how and when can engagement begin! Click Here.&#8221; button_alignment=&#8221;center&#8221; admin_label=&#8221;Read More Button&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_button][et_pb_divider color=&#8221;#397389&#8243; divider_style=&#8221;dotted&#8221; disabled_on=&#8221;off|off|off&#8221; _builder_version=&#8221;4.19.5&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;6px|||||&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_divider][et_pb_text admin_label=&#8221;CFAR Logo &#038; About&#8221; _builder_version=&#8221;4.27.4&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; link_option_url=&#8221;https:\/\/familyenterpriseusa.com\/donate-2\/sponsors\/&#8221; global_module=&#8221;13811&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><img fetchpriority=\"high\" fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-13436 size-full aligncenter\" src=\"https:\/\/familyenterpriseusa.com\/wp-content\/uploads\/2025\/02\/1_CFAR_Full_Logo_Color-500.jpg\" alt=\"\" width=\"500\" height=\"106\" title=\"\" srcset=\"https:\/\/familyenterpriseusa.com\/wp-content\/uploads\/2025\/02\/1_CFAR_Full_Logo_Color-500.jpg 500w, https:\/\/familyenterpriseusa.com\/wp-content\/uploads\/2025\/02\/1_CFAR_Full_Logo_Color-500-480x102.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 500px, 100vw\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><strong>About CFAR<\/strong><br \/>CFAR is proud to deliver our management consulting services to clients, with a commitment to unleashing potential and maximizing impact. We have, for more than three decades, provided guidance and expertise to tackle the thorniest issues\u2014ones often rooted in a misalignment between important organizational goals and individual beliefs about what it will take to achieve them. We come to our work as curious problem-solvers. Our heritage as the Wharton School\u2019s only multi-disciplinary, applied research center lives on in our continued dedication to advising leaders on complex organizational issues where both people and performance matter.<\/p>\n<p>[\/et_pb_text][et_pb_divider color=&#8221;#397389&#8243; divider_weight=&#8221;2px&#8221; disabled_on=&#8221;off|off|off&#8221; _builder_version=&#8221;4.19.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_divider][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;Become a member text&#8221; _builder_version=&#8221;4.27.4&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; link_option_url=&#8221;https:\/\/familyenterpriseusa.com\/donate-2\/&#8221; global_module=&#8221;5822&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h4><em>We hope you&#8217;ve enjoyed this article. While you&#8217;re here, we have a small favor to ask&#8230;<\/em><\/h4>\n<p>As we prepare for what promises to be a pivotal year for America, we&#8217;re asking you to consider becoming a member.<\/p>\n<p>The need for fact-based reporting of issues important to <a href=\"https:\/\/familyenterpriseusa.com\/category\/multi-generational-business\/\">family owned businesses<\/a> and protecting a <a href=\"https:\/\/familyenterpriseusa.com\/category\/family-business-stories\/\">lifetime of savings<\/a> has never been greater. Now more than ever, <a href=\"https:\/\/familyenterpriseusa.com\/category\/multi-generational-business\/\">successful families<\/a> and <a href=\"https:\/\/familyenterpriseusa.com\/category\/family-business-stories\/\">family owned businesses<\/a> are under fire. That&#8217;s why <a href=\"https:\/\/familyenterpriseusa.com\/category\/feusa\/\">Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to <a href=\"https:\/\/familyenterpriseusa.com\/category\/multi-generational-business\/\">family owned 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 <a href=\"https:\/\/familyenterpriseusa.com\/category\/income-taxes\/\">income tax rates<\/a>, possible elimination of valuation discounts, increase in capital gains <a href=\"https:\/\/familyenterpriseusa.com\/category\/taxes\/\">tax<\/a>, enactment of a wealth <a href=\"https:\/\/familyenterpriseusa.com\/category\/taxes\/\">tax<\/a>, and the continued burden of the gift <a href=\"https:\/\/familyenterpriseusa.com\/category\/taxes\/\">tax<\/a>, <a href=\"https:\/\/familyenterpriseusa.com\/category\/estate-taxes\/\">estate tax<\/a> and generation skipping <a href=\"https:\/\/familyenterpriseusa.com\/category\/taxes\/\">tax<\/a>.<\/p>\n<p>[\/et_pb_text][et_pb_button button_url=&#8221;https:\/\/familyenterpriseusa.com\/donate\/&#8221; button_text=&#8221;Become a Family Enterprise USA Member&#8221; button_alignment=&#8221;center&#8221; disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;Become FEUSA member button&#8221; _builder_version=&#8221;4.21.0&#8243; _module_preset=&#8221;default&#8221; custom_button=&#8221;on&#8221; global_module=&#8221;6503&#8243; global_colors_info=&#8221;{}&#8221;][\/et_pb_button][et_pb_divider color=&#8221;#397389&#8243; divider_style=&#8221;dotted&#8221; divider_weight=&#8221;2px&#8221; _builder_version=&#8221;4.19.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_divider][et_pb_video_slider disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;Video Slider Family Business Stories 2&#8243; _builder_version=&#8221;4.21.0&#8243; _module_preset=&#8221;default&#8221; global_module=&#8221;6670&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_video_slider_item src=&#8221;https:\/\/www.youtube.com\/watch?v=y9VszpRjVDM&#8221; _builder_version=&#8221;4.19.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; show_image_overlay=&#8221;off&#8221;][\/et_pb_video_slider_item][et_pb_video_slider_item src=&#8221;https:\/\/www.youtube.com\/watch?v=03T2VODneEg&#8221; _builder_version=&#8221;4.19.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; show_image_overlay=&#8221;off&#8221;][\/et_pb_video_slider_item][et_pb_video_slider_item src=&#8221;https:\/\/www.youtube.com\/watch?v=fHIxWaTwK64&#8243; _builder_version=&#8221;4.19.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; show_image_overlay=&#8221;off&#8221;][\/et_pb_video_slider_item][et_pb_video_slider_item src=&#8221;https:\/\/www.youtube.com\/watch?v=TI7P07GbNdU&#038;t=27s&#8221; _builder_version=&#8221;4.19.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; show_image_overlay=&#8221;off&#8221;][\/et_pb_video_slider_item][\/et_pb_video_slider][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;FEUSA Statement&#8221; _builder_version=&#8221;4.21.0&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; link_option_url=&#8221;https:\/\/familyenterpriseusa.com\/donate-2\/&#8221; global_module=&#8221;5910&#8243; saved_tabs=&#8221;all&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<hr \/>\n<p><a href=\"https:\/\/familyenterpriseusa.com\/category\/feusa\/\">Family Enterprise USA<\/a> promotes <a href=\"https:\/\/familyenterpriseusa.com\/category\/multi-generational-business\/\">generationally<\/a> owned <a href=\"https:\/\/familyenterpriseusa.com\/category\/family-businesses\/\">family business<\/a> creation, growth, viability, and sustainability by <a href=\"https:\/\/familyenterpriseusa.com\/about\/\">advocating for family businesses<\/a> and their lifetime of savings with <a href=\"https:\/\/familyenterpriseusa.com\/category\/family-business-caucus\/\">Congress<\/a> in Washington DC.\u00a0 Since 2007, <a href=\"https:\/\/familyenterpriseusa.com\/category\/feusa\/\">Family Enterprise USA<\/a> has represented and celebrated\u00a0all sizes, professions and industries of family-owned enterprises and <a href=\"https:\/\/familyenterpriseusa.com\/category\/multi-generational-business\/\">multi-generational<\/a> employers. It is a bi-partisan 501.c3 organization.\u00a0<a href=\"https:\/\/familyenterpriseusa.com\/membership\/\">Family foundations can donate.<\/a><\/p>\n<hr \/>\n<p>[\/et_pb_text][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;Hash tags &#038; Tags&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; global_module=&#8221;6498&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>#incometax #CapitalGainsTax #R&amp;DExpensing #DontPunishSuccess #GrantorTrusts #StepUpinBasis #likeKindExchanges #AcceleratedDepreciation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #incometaxrates #repealestatetax #AdvocatingForFamilyBusinesses #FamilyOwnedBusiness #WomenOwnedBusiness @FamilyEnterpriseUSA #FamilyEnterpriseUSA<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Megan Helzner, Principal, CFAR As 76 million Baby Boomers prepare for retirement, there will be an enormous transfer of wealth to Gen X, Millennials, and Gen Z. According to estimates by Merrill Lynch, what is commonly referred to as The Great Wealth Transfer means that more than $80 trillion in assets will shift from [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":13820,"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":[48,92],"tags":[],"class_list":["post-13808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-multi-generational-business"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/13808","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=13808"}],"version-history":[{"count":4,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/13808\/revisions"}],"predecessor-version":[{"id":13821,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/13808\/revisions\/13821"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/13820"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}