FAQs

General Information
What is NxtGen Nexus?

If Facebook married LinkedIn, and they started a Family Business, NxtGen Nexus would be their watercooler, their dinner table, their extended family. If you’re a Family Business or Family Office NxtGen (Gex X, Millennial, Gen Z) looking to boost your family’s business success, take it in a new direction, or just find your place in it, this site will show you how to do it, by connecting you with like-minded peers, valuable information and opportunities that fit the diverse needs and interests of today’s business people.

What is a NxtGen?

Anybody with first hand experience of being part of a family business including; 1) working in the business, 2) not working in the family business, 3) in-laws; and 4) family office members whether you're a first-generation business working with siblings, spouses or cousins or a multi-generational family business.

What if I’m not a NxtGen?

There’s plenty here for Baby Boomers and Traditionalists, including generally useful business tips, advice on how to keep the family business going beyond the dreaded Third Generation Wall.

"3rd generation wall". "Shirtsleeves to shirtsleeves - Do I need a slang dictionary?

If you don’t know about it, thank goodness you’re here! The Third Generation Wall refers to the tendency of successful family businesses to die out, or at least to fall out of family control, after the third generation. The general principle is, the first generation creates the business, the second generation, having gotten to see firsthand how hard it was to bring that business to life, work equally hard or harder to keep it going, but the third generation, having been born into it without ever seeing what it took to get there, tend to let things collapse.

Family Offices have an even catchier phrase “Shirtsleeves to shirtsleeves in three generations.” In Japan, the expression goes, “Rice paddies to rice paddies in three generations.” The Scottish say “The father buys, the son builds, the grandchild sells, and his son begs.” In China, “Wealth never survives three generations.”

Our goal is to help Family Businesses and Family Offices help themselves by introducing NxtGens to each other and leading advisors who can help them navigate difficult situations.

How much does it cost to join?
At present, the tools and resources of NxtGen Nexus are completely free! However, in the future, we will likely be offering a premium service to NxtGen Nexus users looking to achieve the next level in their family business enterprises, with more advanced tools and information from high-level business experts.
Why do I need my own family business resource as a NxtGen?

Most families have some type of conflict.  It’s human nature.  However, when you add the elements of working together, inheritance, sibling rivalry, etc. the problems are multiplied.  We take a non-judgmental approach to answering questions and alleviating issues that may hamper NxtGens from entering or staying in their family business.

What is considered a family business?

Family-owned business may be defined as any business in which two or more family members are involved and the majority of ownership or control lies within a family. 

How many family businesses are there?

There are 19 million family owned businesses in the United States where multiple generations of owners AND at least one family member with management responsibility.  There are 32.4 million family businesses Influences in strategic direction AND Family participation; OR Control of strategic direction.  

The 32.4 million family business file 87% of tax returns, account for 54% of pvt GDP (7.7 trn $), and employ 59% of pvt workforce (83.3m jobs) 

https://familyenterpriseusa.com/wp-content/uploads/2021/02/Family-Businesses-Contribution-to-the-US-Economy_v.01272021-FINAL_4.pdf

NxtGen Connect
What is NxtGen Connect?

NxtGen Connect is our social search feature that really sets NxtGen Nexus apart. Create connections to other NxtGens in family businesses and family offices with common experiences to talk, network, build relationships and learn. Just go to the “NxtGen Connect” page, provide a little basic information, and start connecting!

What is the sign up process?

NxtGen Nexus has a two-step sign up process:

Step 1 - Sign Up

Fill out the short form including family business website, location, social media links, and City/Province/Region (no abbreviations).  If you've been invited a NxtGen Nexus partner, click on their link.  You will receive a Pending Acceptance from NxtGen Nexus so you know we're reviewing your information. If you don't receive an email immediately, you should contact us at support@nxtgennexus.com.

Step 2 - NxtGen Connect Profile

Within 48-hours, you’ll receive your Acceptance E-mail. Sign into NxtGen Connect and find Global and Local NxtGens.

If we’re unable to verify your Family Business history, we’ll send you an email so we can get you signed up ASAP.

How do I protect my privacy on NxtGen Connect?

Your privacy is of utmost importance to us. After you join NxtGen Nexus, you'll go to the NxtGen Connect page.  You will find lots of NxtGen Connect matches, but you won't see their names, email addresses, business names and very general information about the business.  If you see someone that interests you, you can send them a Connect Request which will include your name and social platform information.  That person will see your information on the Connect Request and get back to you via email, LinkedIn or other social platforms. 

What are the rules of NxtGen Connect?

Use NxtGen Connect however it best works for you. However, NxtGen Nexus has a strict non-solicitation policy.  Violators will be permanently banned from the site.  Users that provide false information will be permanently barred from the site. 

Family Business Service Partners
What specific services does NxtGen Nexus offer?

NxtGen Nexus does not directly offer professional services or products of any type for Family Business NxtGens.  Our goal is to provide you with best-in-class tools and advice they need to be successful.  The contents of this site provide general information only. It is not intended as legal or accounting advice. Accordingly, you should not act upon information in this website without seeking professional advice.

Can I find professional family business services through NxtGen Nexus?

Yes!  NxtGen Nexus enables members to identify service partners and subject matter experts in the area of Family Business.  You can connect directly with them via links provided on the website.

 NxtGen Nexus follows strict non-solicitation policy on the website.  If a user member is directly solicited by another user on NxtGen Nexus, they should immediately e-mail us at contact@nxtgennexus.com.

About NxtGen Nexus
I see the website is free, but do I need an to create an account to use it?

NxtGen Nexus has content that is available for all visitors whether they are a member or not.  NxtGen Connect and specific on-line and in-person events are are available only to members.

What if I forget my username or password?
You wouldn’t be the first. Don’t worry. NxtGen Nexus has a log-In button located in the top, right corner. If you forget your he-mail address you used or your password, you can contact us from the log-in module to reset.
How do I get answers to questions not addressed in the FAQ?
E-mail us at info@nxtgennexus.com
Where can I sign up for news alerts and other notifications?

If you look at our footer, you will see a Sign Up for Newsletter link.  Or you can do it right here.  

I need specific advice that I do not see on the website.

NxtGen Nexus does not provide  advice regarding NxtGen Nexus Family Business.  However, you can may contact our bloggers, partners or consultants that are part of the NxtGen Nexus community.  If you are looking for additional resources, you can contact us at support@nxtgennexus.com

Advertising
What if I’m an advertiser looking to advertise on the NxtGen Nexus website?
Advertisers interested in connecting with Family Business NxtGens can reach us at contact@nxtgennexus.com
For any other questions, please write us at info@nxtgennexus.com