Can a rising gen family member start their own business outside the family company?

Yes. The healthier model is for the family to back the rising gen's own ventures rather than insisting they join the family company. Kris Kluver, in The Dysfunctional Family Office, has Tim Mitchell announce his plan at the year-anniversary meeting. He's looking at buying one veterinary practice and possibly rolling up three or four. Centralizing services. Improving returns. He's done research, used Steve and Frank's help to build a pro forma, and is being coached by people Ryan introduced him to through the family network. The family backs him with capital, expertise, and connections. The pattern matters because most UHNW families default to assuming the next generation either joins the family business or doesn't participate. The third option is the family enterprise expanding to fund the kids' own ventures. The kid gets to build something real. The family network gets to support a new business. The wealth gets diversified. Everyone wins.