How to reduce the tension between NextGens’ desire to make a positive impact in society and their loyalty to their family’s wealth legacy.
Every generation has its defining moments, particularly for the youth who are coming of age. For the Silent Generation, it was the Great Depression and World War II. For Baby Boomers, it was the civil rights movement and the Vietnam War. For Gen X, it was the fall of the Soviet Union and the Gulf War. For Millennials, it was the war on terror and the Great Recession. For Gen Z, it is social justice movements and the COVID-19 pandemic.
These powerful, formative moments change the trajectory of how rising generations view the world and themselves. It’s natural human evolution, but change is hard. Varied viewpoints often result in tension between generations, and without careful attention and acknowledgment of how generations can bridge their differences, deep chasms in relationships can occur.
This article appeared in Family Business Magazine on July 15, 2020.