Here are some common questions about NxtGen Nexus.
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 if I’m not a next gen?
"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?
Why do I need my own family business resource as a next gen?
What is considered a family business?
How many family businesses are there?
Family-controlled firms now make up 19% of the companies in the Fortune Global 500, which tracks the world’s largest firms by sales. That is up from 15% in 2005. (McKinsey 2014)
Family owned businesses contribute 57% of the U.S. GDP ($8.3 trillion), employ 63% of the workforce (FEUSA, 2011), and are responsible for 78% of all new job creation. (Astrachan & Shanker, 2003)
35% of Fortune 500 companies are family-controlled. (Businessweek.com, 2006)
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!
How do I protect my privacy on NxtGen Connect?
Your privacy is of utmost importance to us. After you fill out a quick and easy online form with some basic information about your experience as a Family Business or Family Office NextGen, you’ll get a list of matches. You will not see anyone’s private e-mail or identifying information. If you see someone you want to connect with, contact them via the NxtGen Nexus secure email platform. That person will then see your information, and if they choose to connect back, you will see theirs. When you fill out your questionnaire and go into our system, the same procedure will hold if you are chosen as someone else’s match.
What's a NxtGen?
You are eligible to join NxtGen Nexus if you are part of a Family Business or Family Office (by birth or by marriage) and identify as part of the next generation, whichever generation this might be.
What is the sign up process?
NxtGen Nexus has a two-step sign up process:
Step 1 - Sign Up
Include your LinkedIn Profile, a 2nd Social Media Profile, a brief Family Business Bio and spell out your State/ Province/Region (no abbreviations).
Even though we're asking for this information, you're in complete control with how, when and with whom you want to share your information.
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 email@example.com.
Step 2 - NxtGen Connect Profile
Within 24-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.
What are the rules of NxtGen Connect?
What is 'NGN-LA"?
NGN-LA celebrates everything that is great about Los Angeles and the Family Business community. We offer Family Business storytelling modules where families can share their family histories. Our NGN-LA Educational program works with the finest professional service providers who can serve the needs of Family Businesses and Family Offices. One of these days, we'll be able to get together in-person and celebrate family businesses together.
What is "Bites & Bytes"?
Family Business dominates movies, television, music, fashion and the monarchy. Relax and have some fun.
What are “Resources?"
Resources help you expand your Family Business knowledge base. NxtGen Nexus' Book Reviews, Monthly Global Columnists and University Family Business Educational programs enhances your personal and professional education.
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.
As far as user-to-user professional services, 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 firstname.lastname@example.org.
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 Nexus has additional content offerings, including NxtGen Connect, that are available only to members.
What if I forget my username or password?
How do I get answers to questions not addressed in the FAQ?
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 email@example.com