The Whys that Tie: Purpose, Meaning and Passion

22 August 2024

Pondering our intentions and motivations behind what we do isn’t just for those privileged with too much time on their hands. The questions of purpose, meaning and passion have inspired philosophy, religion, culture, gastronomy, science and countless other developments that have kept the human race going through millennia.

In fact, in my years practising as a therapeutic coach, one of the key preoccupations for many of my clients has been figuring out the big ‘Whys’ in their lives; from Why certain events happened in their past, to Why they wake up every day and Why they could or would be bothered to take action X in the future.  

These questions are universal, timeless and show up across my different clients’ backgrounds. When it comes to the rising generation of family businesses, these questions couldn’t be more common and pertinent.

Far from having their purpose and meaning set out for them in the family business lineage, some of these next generation leaders often arrive at critical junctions that usually correspond to the timelines of important decisions the family is discussing, such as those related to succession planning, wealth inheritance, or other major decisions for the business that will affect its future.

PURPOSE

Defines the vision: 
NextGen leaders often need to clarify and redefine the purpose of the family business in a way that resonates with both the family and the market. This might involve modernising the business's mission to align with contemporary values such as sustainability or social responsibility, while still honouring the original purpose set by previous generations.

Aligns with family values: 
As purpose is deeply tied to the family’s core values, NextGen leaders benefit from ensuring that their actions and strategies reflect these values, thereby creating a sense of continuity and preserving the family’s identity through the business.

At other times, it is personal events and milestones in life that deeply move the rising generation of family enterprise leaders towards a place of contemplation. Getting married, the passing of a loved one, or becoming a parent can cause great shifts in perspectives and responsibilities, and these self-aware leaders begin to look more seriously at meaning and purpose as they reorientate in these new situations.

MEANING

Creates personal fulfillment: 
For NextGen leaders, meaning can often involve finding personal satisfaction and a sense of fulfillment in their roles. This is crucial in a family business where the line between personal and professional life is often blurred, so importantly finding ways to connect their work with their personal goals and values can help them to stay motivated and engaged.

Maintains legacy: 
Meaning also ties into the legacy of the family business. NextGen leaders can often be driven by the desire to preserve and enhance the legacy left by previous generations. This involves learning about, understanding and appreciating the historical significance of the business and finding ways to honour it while adapting to new realities; and should ideally be incorporated into the rising generation’s education at a young age.

Shifts in the development of greater consciousness may happen as they view their work with greater meaning that aligns with their life values – perhaps doing good for mankind through impact investing, or helping their local communities benefit through charitable foundations. But with decades ahead of them, what keeps their stamina going through the long days and rough patches?

Holding the purpose and meaning together is the oft-elusive passion. That which burns brightly when one has not seemingly sought it out; those passionate leaders of lore – the Steve Jobs, Frida Kahlo, Jack Ma, and Roger Federer icons of the world seem to naturally ooze boundless amounts of it combined with an almost obsessive quality in their craft. Is that what passion is… falling in love with one’s reasons why, as one would fall for the beloved in a romance?

PASSION

Drives innovation and growth: 
Passion is a key driver of innovation and growth in family businesses. As such, rising generation leaders who are passionate about the business are more likely to take risks, explore new opportunities, and push the company forward. Their enthusiasm can inspire others within the organisation towards a healthy culture of creativity and resilience.

Overcomes challenges: 
Passion fuels perseverance. Hence, passionate NextGen leaders are more likely to navigate common challenges such as complex family dynamics or resistance to change successfully, as their commitment to the business and mindset can be drivers to overcome obstacles and maintain a long-term perspective.

This quest for passion to tie things together that make sense in an a-ha moment is a not a destination but a journey, and can be developed. Passion does not have to be a 0 or 100 experience, nor is it an innate secret lying latent at birth to be dramatically discovered. Passions can wax and wane over time, be nurtured, polished and also be allowed to exist in multiples.

To sum up the multiples of powerful forces above, the integration of purpose, meaning, and passion for NextGen leaders in family businesses can lead to a fulfilling leadership experience that not only advances the business but also strengthens family bonds and ensures the long-term success of the enterprise.

Want to find your purpose, meaning and passion on your path in a business family?

Hi, I’m Lira and I help empowered family business leaders through 1:1 therapeutic coaching to gain clarity and confidence to improve communication with important people in your life while protecting your mental health and wellbeing.

Let’s find a time here to connect and see how I can help you.