How to Get the Next Generation Excited About the Family Business
Engaging the next generation in the family business isn’t just about handing over the reins—it’s about inspiring curiosity, purpose, and connection. For many families, ensuring that G5 (the fifth generation and beyond) is excited and invested in the business is one of the biggest challenges.
At our recent Women in Family Business event, held in partnership with the Loyola Family Business Center, we explored how to cultivate that engagement in a way that feels natural, meaningful, and rewarding.
Amelia Patel, Chief of Staff at LDI, shared valuable insights on how her family business fosters excitement and involvement among G5. It’s not just about preparing them for leadership—it’s about creating opportunities for them to engage early, aligning their roles with their passions, and emphasizing the impact the business has on both the family and the community. From mentorship programs to innovation projects, the key is to make G5 feel valued and empowered—on their own terms.
Start Early and Make It Meaningful
One of the biggest takeaways from the discussion? Start them early. Waiting until the next generation reaches adulthood to introduce them to the family business often makes the transition feel forced rather than organic. Instead, businesses should create touchpoints for involvement throughout childhood, adolescence, and young adulthood—without overwhelming them.
At LDI, the family hosts an annual retreat, which was originally designed to bring everyone together while incorporating business education. However, after receiving feedback, they discovered that many next-gen members felt the retreat leaned more toward a business conference than true family bonding. This raised an important question: What does next-gen education really look like?
The answer is different for every family, but a key approach is balancing structured learning with organic engagement. Rather than making business discussions feel like formal obligations, they can be woven into family experiences in ways that spark interest and build relationships.
Play to Their Strengths
Another important takeaway is meeting G5 where they are. The next generation isn’t a monolith—some may be naturally drawn to leadership, while others might prefer supporting roles that align with their unique skills. That’s why playing to their strengths is crucial.
- Are they into computer science? Let them redesign the company website or explore ways to optimize digital operations.
- Passionate about storytelling? Encourage them to help with social media, create video content, or manage the family business’s online presence.
- Do they love numbers? Involve them in financial planning discussions or let them analyze business trends.
By giving G5 real, tangible ways to contribute, their involvement shifts from an expectation to an opportunity. They start to see how their skills can directly impact the business, making them more likely to stay engaged over the long term.
Engaging Even the Youngest Family Members
One of the most exciting parts of the conversation was about engaging even the youngest members of G5. Business involvement doesn’t have to wait until they’re old enough to take on formal roles—there are creative ways to introduce them to the family business at an early age.
Amelia shared that she’s even used ChatGPT to brainstorm ideas for introducing family business concepts to kids in fun, interactive ways. These might include:
- Gamifying business lessons, such as creating a mock business where kids can “run” their own small projects.
- Creating leadership challenges that encourage teamwork and problem-solving.
- Finding ways to connect their interests back to the family business, whether it’s through art, technology, or even philanthropy.
By making the learning process engaging, hands-on, and age-appropriate, families can instill a sense of curiosity and belonging from an early stage—which can make all the difference in whether they see the business as a meaningful part of their future.
The Big Picture
Ultimately, getting G5 excited about the family business isn’t about pushing them into leadership—it’s about showing them why the business matters. Whether it’s through family history, innovation, or community impact, the goal is to help them see their place in the larger story.
When the next generation feels a sense of ownership, purpose, and alignment with their passions, engagement happens naturally. The key is to start early, play to their strengths, and continuously evolve the way families introduce business involvement to keep it relevant and exciting.
How does your family business cultivate excitement in the next generation? Let’s keep the conversation going.