Communication is the X Factor When It Comes to Bringing Up ‘Next Gen’ Trucking Leadership

Jul 25, 2024 at 04:12 PM CST
When it comes to developing the next round of leaders for America’s trucking family businesses, straightforward communication may be the X factor in a successful transition—or a failed one. In a survey just published by The Smith Family Business Initiative at Cornell University, with the help of Family Enterprise USA and The Roberts Group, communicating effectively with the next generation of family trucking business leaders emerged as the biggest hurdle. As far as I know, no survey has ever asked young members of successful family businesses what challenges they face in taking over the business 10, 20, or 30 years down the road. We also had limited insight into whether the Next Gen understands the key issues they may face, like the elimination of Step Up in Basis; reductions in the lifetime exemption; increases in the rate of gift, estate, and GST taxes; the loss of valuation discounts; increases in income tax rates; or the establishment of a wealth tax.

Jul 25, 2024 at 04:12 PM CST

When it comes to developing the next round of leaders for America’s trucking family businesses, straightforward communication may be the X factor in a successful transition—or a failed one.

In a survey just published by The Smith Family Business Initiative at Cornell University, with the help of Family Enterprise USA and The Roberts Group, communicating effectively with the next generation of family trucking business leaders emerged as the biggest hurdle.

As far as I know, no survey has ever asked young members of successful family businesses what challenges they face in taking over the business 10, 20, or 30 years down the road. We also had limited insight into whether the Next Gen understands the key issues they may face, like the elimination of Step Up in Basis; reductions in the lifetime exemption; increases in the rate of gift, estate, and GST taxes; the loss of valuation discounts; increases in income tax rates; or the establishment of a wealth tax.