PwC have carried out an interesting research study which saw them speak to 268 next generation family members, who are likely to take over the business, from 31 countries worldwide.
The survey explored topics including personal ambitions, plans for the future of their business, and the unique challenges of being the ‘boss’s child’. The key findings included:
- 88% of next gens want to leave their stamp and do something special with the business
- 70% of next gens have worked outside the family firm to gain experience before joining the family business
- 52% of next gens are worried that they will need to spend time managing family politics
- 69% of next gens would bring in experienced non-family managers to help modernise/professionalise the business
The results also indicate that next gen still experience a strong “pull of the past”. They aim for a revolution, but for the time being foresee an evolution.
As part of the report, I was asked to share some advice for ambitious next gens and this includes:
- Get outside experience first
- Only take a role you’re suited for
- Insist on a proper appraisal
- Make sure succession is a process not an event.