Passing the Baton (and Letting Go of It): Leadership Strategies for the Rising Generation

In this episode, we explore the critical role that the rising generation plays in a family business. Succession is not just about the strength of the current management team—it also depends on how well the next generation is prepared, engaged, and developed as future leaders, from building credibility and experience to navigating difficult family dynamics and governance responsibilities.Our guest, Meghan Juday, Chair of the Board at Ideal Industries, brings firsthand experience navigating the challenges of stepping into governance and leadership roles within a multigenerational family business. Meghan shares insights on overcoming imposter syndrome, earning credibility and ensuring rising gen members contribute meaningfully—whether actively involved in day-to-day operations or as a board member, owner or trustee.In This Episode, You Will Learn:(03:14) Preparing to Join the Family Business(13:09) Effective Governance and Risk Management(17:46) Challenges of Family Business Transitions(28:02) Advice for Rising Gen LeadersWant to continue the conversation?More on Northern Trust’s Secrets of Enterprising FamiliesMore on Meghan JudayReach out to your Northern Trust advisor Remember to subscribe to Secrets of Enterprising Families to stay connected as we dive deeper into the strategies that empower families to manage wealth across generations. Don’t miss our next episode, where we’ll shift the focus to managing wealth for success—exploring the key principles, strategies, and decisions that help families sustain and grow their wealth over time.