Empathy and availability are great. Listen to them, respect their struggles growing up. I don't think that necessarily means being strict/authoritative or lenient, for me it means more feeling respected as a person. And a sane, straightforward way to deal with mistakes. Because we all make mistakes. Especially while learning and growing up.

And I'd say shared memories are awesome. Whatever that means for you. Go on a Canoe trip, teach them how to fix their bike, do woodworks, drill a hole into the wall or bake a cake.