Discussing Purpose Across Generations

BanyanGlobal senior research fellow Marion McCollom Hampton sat down with Banyan’s editorial director Karen Dillon to discuss what it means to have a purpose in a family business.

Time Stamps and Key Takeaways from the podcast are below.

Time Stamps:

[0:23] Marion explains what it means for a family and family business to have a purpose, both in owning the business and owning the business together, and why it is important to be open with discussion about these questions.

[2:45] It can be especially hard for the next generation to have open dialogue with their family about the purpose of owning the business for a variety of reasons entangled in relationships with family members and to the business.

[4:24] Marion shares her advice for how these conversations about purpose should be brought up and take place across generations in family businesses.

[10:10] Marion describes the factors that make up an acceptable and well-thought-through purpose and why it is important to be on the same page about this purpose.

[15:21] Purpose in each different generation typically follows a pattern and each generation typically feels similarly about their connection to the business and previous generations.

[17:57] Marion answers the question: is there are point in time where it is impossible to have a shared purpose?

[21:14] The purpose conversation should not just happen once. Marion explains how to get the conversation going and when to bring it back up.

Key Takeaways: