Exploring Purpose at the 2024 FEC NextGen Retreat
For next generation members of a business family, finding purpose can be filled with challenges – from upholding a family legacy, to carving out a unique identity, to managing the pressure of external perceptions and expectations.
Having space and opportunity to unpack these issues and connect with others is essential; which is exactly what a group of NextGens from across Canada did during the Family Enterprise Canada (FEC) NextGen Retreat at the end of May. With the theme of ‘Finding Your Why’, forty NextGens from a wide variety of Canadian family firms gathered at the Calgary Central Library to have conversations, attend learning sessions and share experiences.
The Family Enterprise Legacy Institute (FELI) was excited to lead two key sessions at the Retreat. Telfer Professor and FELI Contributor Ramzi Fathallah guided participants through experiential learning activities, helping NextGens reflect on their place and purpose within their business families.
The exercises enabled NextGens to look at the relevance of birth order and personality, analyse their place within the larger family business system, and explore the intersection of their abilities and passion. Following the exercises, a case study based on a young woman’s journey to find her place in the family business gave participants the opportunity to reflect on topics such as responsibility to the family vs. personal autonomy/fulfillment, balancing family expectations with personal goals, and different ways of participating in the business family.
In the second session, Professor Fathallah moderated a panel discussion titled "Finding Your Why Within the Family Enterprise Context." NextGens Jennifer Brookman (WCD), Rizvan Bharmal (SM2 Capital Partners), and Dale Koeller (Calvert Home Mortgage Investment Corporation) shared personal anecdotes about discovering their unique purposes within their family businesses. Their stories provided practical insights and illustrated how the journey to finding one’s 'why' can often lead to unexpected revelations and new paths.
“Topics like ‘Finding Your Why’ can be difficult because of the complex dynamics in every business family. But these essential conversations are needed for the long-term growth and health of family enterprises,” said Professor Fathallah. “It was very rewarding to work with this group of NextGens. They were purpose-driven, very engaged and had excellent questions – it’s clear they want to have meaningful lives and make a difference.”
This is the second year FELI has been part of the FEC NextGen Retreat. Last year, FELI hosted NextGens at the Telfer School of Management in Ottawa for a day of learning with FELI Director and Telfer Professor Peter Jaskiewicz and FELI Visiting Professor & Collaborator Sabine Rau.
Telfer is proud to be a preferred partner for the education of next generation members of Family Enterprise Canada.