I recently came across the following statement in a family participation policy regarding the requirement of outside employment for family members wanting to join the business. Please let me know of any other items you might include from your experience.
Outside work experience is required for the following reasons:
A. It’s good for the company:
- We have a wider and more varied experience base (ideas and contacts).
- It promotes a culture of meritocracy over entitlement.
B. It’s good for the family member:
- Opportunity to make mistakes elsewhere (that aren’t remembered forever).
- Opportunity to prove oneself and gain self-confidence where a person’s last name doesn’t count.
- Helps avoid self-doubt later down the road (could I have made it on the outside?).
- Opportunity to find a mentor from outside the family or business.
- Opportunity to gain different perspectives and experience and be able to start contributing earlier in one’s career.
- Acceptance by non-family members will be easier (credibility issue).
- Opportunity to develop honest expectations for oneself.