NextGen Survey 2022 video transcript
You and your parents are on a journey to secure your business and ensure it prospers. The pandemic has brought you together.
But continuing your family’s success means helping you – the next generation – challenge the status quo.
We started by asking what’s important to you. And here’s what we heard:
Every generation is focused on one thing – growth.
65% of NextGen leaders say achieving business growth is a top priority.
And 86% of current gen leaders have ambition to grow in 2022.
To grow, you know you need to try something new.
47% of NextGen leaders and 55% of current gen leaders want to expand into new sectors or markets within the next year.
43% of NextGens said the pandemic brought forward their involvement in the business.
But getting more involved might not be enough.
You need a real understanding of how the Environmental, Social and Governance agenda impacts what’s next.
Right now, only 31% of NextGens are prioritizing investments for sustainability and impact.
But you know you can do better.
64% say there is an opportunity for their family business to lead the way in sustainable practices,
But 63% of millennials and 55% of GenZ say businesses are moving too slowly.
While only 28% of NextGens are currently leading sustainability efforts, 72% expect to do so in the future.
What you do next will ensure business growth, maintain family cohesion and preserve everyone’s wealth for the future.
We know that proving you have what it takes can be tough.
57% of NextGens say being able to move into a supporting role in the business is a difficult aspect of succession planning.
Here are four actions you can take today to prepare for tomorrow
- Reimagine business success and build the foundations of sustainable growth
- Don’t be afraid to take a different path
- Articulate and negotiate a generational contract
- Hone your leadership skills
It’s up to you to become the leader your business needs. Be yourself. Be different. Drive change.
