Education and mentorship for the next generations is an integral part of the work that Ispahani Advisory does to help families derisk transitions between generations. Succession as we know is a process and not an event. How the incumbent generation help prepare those who will inherit responsibilities is vital. We draw on the experience of a team with the lived experience, entrepreneurial and legal experience underpinned by the expertise of clinical psychologists, coaches and education experts. How does one create alignment between the I and the we? There can be and often is tension between the personal agenda and the family agenda. In our view, there has to be mutual accommodation of the I and the we if families are to co-exist happily and flourish. Why should individuals in a family simply subscribe to collective responsibility because it is expected? Individuation is to be expected and respected as a source of identity.

There are many elements of education that are important for business and wealth owning families to consider, including the background that might be needed for those family members who want to join the family business. In a number of families there is not enough emphasis on training not only those who will be involved in managing a family business, but also those who will become owners of a family business.

Formally appointing mentors to the younger generation can be most useful whether a family business is involved or not. The work that parents do in guiding their children can be enhanced by others, in or out of the family, being involved as mentors as children move into family business management or ownership roles. Where the dynamics of the family permits, uncles, aunts and others can be an important part of this. The concept of cross-mentorship can be achieved by having mentors from other reputable business and wealth owning families internationally.