PwC’s Global NextGen Survey 2019

You are deeply committed and ambitious, but you may feel constrained and uncertain about your ability to help drive the family business forward. The challenge for the current generation is to find more effective ways to help NextGens make the transition to a leadership position. Key opportunities include inviting NextGens to work more closely with senior family members and the board, observing and learning how top-level decision making works.

As digital natives, you believe you possess the knowledge and skills to help your family business succeed. You’re particularly focussed on the Internet of Things, artificial intelligence and robotics. But right now, 24% of NextGens think your business is worse than competitors at using technology effectively, and 40% say your business is at the same level as the competition. The current generation needs to make space for NextGen voices to be heard, especially when it comes to digital strategy, professionalising management and attracting talent.

The challenges you face and the decisions you make. The networks you’re building and the legacies you want to leave. It’s all personal. But it also has to be professional. To help you unlock your full potential, current leaders can remove barriers and commit to succession plans. They can also focus on providing more skill-building opportunities related to problem solving and strategic thinking, leadership, and financial management.