Paul Andrews - Founder & CEO, Family Business United

Do You See Imposter Syndrome As A Real Challenge For The Next Generation?

Understanding the interplay between imposter syndrome and family dynamics is crucial for both the wellbeing of family members and the future success of the business.

We asked our Global Family Business Think Tank Panel if they thought imposter syndrome is a real challenge for the next generation on their family business journey.

Yes - 55%
No - 28%
Don't Know - 17%

Over half of the panel agree that imposter syndrome is a real challenge that needs to be addressed by the next generation on their family business journey.

THE THOUGHTS OF OUR ‘THINK TANK’ REPRESENTATIVES:

“It is important in any business to have clear goals, purpose and values and even more so for a family business where the relationships extend out from the boardroom and are impacted by the business family, some of whom may not work in or own shares in the business. Forward planning, clarity and transparency, using tools such as a family charter, help to secure future success and can assist in paving a smoother road to success by getting the business family on board.”

Joanna Millar

Legal Director, Anderson Strathern LLP

“Imposter syndrome is a real challenge for the next generation, especially for women in family business. There is so much pressure on the next gen and so much on women in family businesses. Not being ‘able to be like Mum and Dad’ is I am sure a common concern from next gens which highlights those imposter feelings.”

Kyler Gilbert

Vice President, Business Consulting Resources

“Imposter syndrome is one of the dynamics that requires more focus on when developing the family governance and the succession/legacy planning, to ensure that each generation is provided the freedom to build their own identity and legacy.”

Creagh Sudding

KPMG Private Enterprise

“Many next gen family business members suffer as most others do (including their parents) from fear of failure. If they are lucky and have good people around them to connect and share with, they might lose some of this feeling over time.”

John Broons

Managing Director, John Broons Advisory

“Imposter syndrome is over-rated. I would talk about imposter moments.”

Daniel Kertesz

Owner, Kertesz AG

“Imposter syndrome is sometimes a challenge for the next generation. It helps if they can work with someone outside the immediate family circle, who can help in determining whether they are suffering from imposter syndrome or whether they need further professional development before joining the family business.”

Claire Seaman

Professor Emerita, Family Business, Queen Margaret University

These results were part of the 2024 Global Family Business Think Tank Report that was published in Autumn 2024.

A copy of the final report is available to download below and is free to Family Business United members and digital subscribers (simply log in to access). If you are not yet a member or digital subscriber and wish to obtain access to the report, you can find out more about becoming a member of Family Business United here or take out a digital subscription to access all areas and content available on the platform including this report here