But there are barriers preventing NextGens from achieving their goals - differing priorities with the current generation, and lack of opportunities, among them.
In this report, we take a closer look at how NextGens are working to earn their licence to operate, and share our recommendations on what NextGens can do to make their presence felt, adding greater value to their family business.
The majority of our survey respondents are actively engaged in the business
For NextGens, having a business strategy fit for the digital age should be the number one priority
70% say they are being actively engaged in their family business through leadership roles
“The leaders of the organisation should have an open mind towards the younger, new-generation way of thinking. The traditional mentality need not disappear, but it could be improved upon so that the company becomes more adaptive and flexible in this rapidly changing world.”
Second generation, Malaysia
What are some key challenges faced by the next generation (NextGen) members of Malaysia's family businesses? This video shares some tips on how to overcome them.
The next generation (NextGen) members of Malaysia's family businesses are confident in their strategic thinking skills. How do they feel about their leadership and technology skills?
In PwC’s Global NextGen Study 2017, we described four distinct NextGen personas, that is, the key characteristics exhibited by NextGens based on their skills, contributions, and career goals. Each persona is distinct, highlighting the different ways in which NextGens build their own paths to success.
In our 2019 report, we explored these four personas once again, which allowed us to separate the different opportunities and challenges faced by NextGens in our analysis.
Transformers are self-confident future leaders looking to inspire change within their family businesses.
Stewards aspire to add value to their family business in ways that promote long-term sustainability and tend to stick to tradition, with the aim of protecting the profitability of the family’s company.
Intrapreneurs feel the need to prove themselves, and often do so by setting up ventures under the family’s wing and designing strategies fit for the digital age.
Entrepreneurs follow their own path. These individuals tend to be more sceptical about their family business’ long-term success and prefer leading their own businesses, with none of the profits going back to the family business.
We work with family businesses to help them solve important problems and achieve their growth potential.
Find out more
Helping to create true business transformation with the power of perspective
Find out more
A programme of events tailored for the next generation of family business leaders.
Find out more
