Family Leadership Strategies

68 • Acknowledging and correcting mistakes: they understand that not all efforts will be successful, and act quickly to rectify problematic situations. It is worth noting that these practices are not unique to families, and can also be observed in major corporations around the world. However, the ways in which they are applied are quite unique to families, and require nuance and adjustments based on the extended family’s particular circumstances and dynamics. We examine each practice in greater detail below. Education and personal development An essential element of an effective family leadership development process is the identification of key steps and resources available to next generation family leaders. Ideally, such development is viewed as a life-long process, and addresses both emotional intelligence skills along with management- oriented leadership development. Best practices include formal and informal education, along with mentoring. While it is not necessary to identify who will carry out every aspect of these activities, it is important that extended family members understand the ‘rules’ that govern leadership eligibility and preparation. An effective approach will include both technical education elements — for example, business, the arts, finance, or social work — as well as personal development — for example, self-awareness, communication, and problem solving. Arguably, the most effective leaders in any context combine elements of both technical skill and strong emotional intelligence 2 . Families will often create an age appropriate timeline of personal development resources that may look like this: • Teens: exposure to seniors who share family stories, histories, and values. Access to programs designed to comprehend the basics of money management, philanthropy, and religious, artistic, and cultural endeavors important to the family. • Post college/graduate school: mentoring by a senior family member or trusted advisor to the family. Exposure to next generation programs that teach the fundamentals of asset management, venture capital, estate matters, and family governance. Employment outside the family business for three to five years. Development of peer networks