We’ve been running an international Family Business Survey for over a decade, and in 2014 we added our first-ever survey of leaders-in waiting. We asked them about their personal ambitions, their plans for the future of their business, and the unique challenges of being the ‘boss’s child’. That survey identified three key ‘gaps’ that the next generation face: the generation gap between their experience and expectations, and those of their parents’; the credibility gap, which they have to surmount if they’re to establish themselves; and the communications gap, which can arise both within the firm, and within the family.
Two years on, what does the picture look like? It’s certainly changed, and broadly for the better. The next gens’ confidence has risen, their horizons have widened, and their preparation for senior roles has improved. But some of the issues are more challenging too, both inside the firm, and in the wider business landscape.
Much of this comes down to the central theme of ‘expectations’ – what the next gens expect of themselves and their business, and how they expect global trends to evolve, as well as the views of the current generation, which also need to be taken into account, especially in relation to the always sensitive issue of succession. Both the current and next generation have a significant responsibility to play their part in the succession journey. And unless there is a clear understanding about the respective expectations and how the next generation can prepare and equip themselves for their future role, the future success and sustainability of the business could be put at risk.
The theme of ‘expectations’ will be our focus in this report. As well as the survey findings, we have rich insights from in-depth interviews with next gens across the world, and input from our own expert practitioners, all designed to help the next gen realise their ambitions and make their ‘great expectations’ a reality.
Senior Manager, Marketing & Communications , PwC Greece
Tel: +30 210 8114386
Senior Manager, Marketing & Communications
Tel: +30 210 8114386