The transition from one generation to the next can make or break a family business; and as the ‘baby boomers’ hand over to the ‘millennials’, the risks of getting it wrong have never been greater.
We’ve interviewed over 200 next generation family business leaders in 21 countries worldwide. The survey looks specifically at the issue of succession: how family firms are planning for it, how the next generation views it, and the challenges all family firms face in implementing it.
The next generation is ambitious, with 86% wanting to do something significant and special. 80% have big ideas for change and growth, but 88% say they have to work harder than others to ‘prove themselves’. 59% say gaining the respect of their co-workers is their biggest challenge.
The most successful family firms are those with a good balance between professional management, responsible business ownership and a healthy family dynamic. PwC’s family business services can help you build lasting value for your family enterprise. Find out more