Decide if it’s right for your family
There are several things to consider before starting a business that can be generational. Are you sure it’s something you, your family, and your close friends all want to do? Is it something you think will appeal to the next generation? Another way to consider this is to ask yourself, " is it something I would be excited about if I were my kids' age?" You may find that if the answer is no, it might not be the right choice.
If you think you’re not going to find a great idea that will give your kids something to build upon, it may be better for them to start their own company. It’s important to remember that every generation is different. Your kids may not have the same interests as you do or have the same skills and abilities. They may face different challenges, so you must find something right for them.
Give your next generation as much support as possible
A major consideration when starting a business that can be generational is to make sure your family is on board. It’s important to remember that businesses are very personal, even if there is just one founder. It’s important to make sure that you are communicating with your family about the decisions you are making and the path you are taking. If you’re not sure if they are on board, try asking them what they think about your idea and how they feel about you pursuing it.
Is your family supportive of your idea and how much time and resources you are willing to invest in it? If you’re not sure how to handle this, it might be a good idea to discuss your idea with a financial advisor or an attorney who can offer some guidance. You may be surprised by how much help they can offer.
Also, try to brainstorm some different ways in which you can make the business more accessible to the next generation without sacrificing sustainability in other areas of your life.
Get them involved early
Another important thing to think about with your next generation is getting them involved early. If you can involve your kids in the business as they get older, you can make sure they are invested in the company and excited about what they are doing. It can often help to have them involved from the start. This will help avoid the challenges that often arise when companies are passed down from one generation to the next. It can also help prevent the company from becoming something that your kids have to take over with a grudge and reluctantly when you are no longer able to handle it.
Stay mindful of the bottom line and make sure sustainability is built-in from the start.
To build something that lasts, you have to think about the short term and the long term. If your main goal is to make money and you don’t care about sustainability, it’s possible to lose sight of what’s important. It’s important to think about the long-term sustainability of the company. What will the company do in five years, 10 years, and even 20 years? These types of questions can help to ensure that the company you are building is sustainable.
Conclusion
Although the millennial generation has been labeled as the "selfie" generation. Whose only obsession is focused on documenting every aspect of their lives on social media? They may not be as overzealous as their parents were, but millennials are still very much a part of business culture today and they will continue to drive growth in the future. They are more connected than ever before, which means it’s easier than ever before for them to run an already existing business that can last for decades after their parents pass on. But one has to catch them young if they have roles to play for the growth of the family business.