PwC’s Global NextGen Survey 2019 – Thailand Report

In today’s economy, business leaders need to think on their feet. Economic uncertainty, new digital technologies, and competition from around the globe have forced private and traditional family businesses to adapt at an ever-faster pace. Never before has leading a business been so challenging.

Corporate CEOs have been busy searching for new business models to leverage emerging technologies. Family-owned firms, meanwhile, have sought to maintain age-old values while still staying competitive in a changing business environment. The question for many family firms is whether they can rely on the next generation (NextGens) to lead their businesses into the future while still upholding core values from generations ago?

How do NextGens prepare themselves to take charge when the baton is passed, and what role are they playing in managing the changes? PwC Thailand’s first NextGen Survey 2019 Report is pleased to address these questions. The facts and figures in the report offer insights on young Thai leaders in family businesses representing sectors including manufacturing, construction and retail.

Questions in the first Thailand NextGen survey focussed on their business priorities and goals, their values and capabilities, and their expectations and preparations for future leadership. The report discusses how NextGens perceive their family business and where the family firm stands compared to competitors. It also highlights particular strengths and weaknesses of young leaders, and the best ways for them to acquire new skills.

Family business leaders – both current and future – should pay careful attention to what each generation needs, and what expectations they have for each other. Young family-business leaders need the support and trust of current leaders. The report presents actionable recommendations for both generations to contribute to the family business, which we believe will help NextGens thrive in the future.

To help NextGens fulfil their own aspirations to become good leaders and take their family businesses to the next level, PwC Thailand has formed a NextGen Club to support future leaders as they prepare for the succession. We’re committed to working closely with NextGen leaders to equip them with the knowledge and skills they need to run some of Thailand’s most successful family businesses.

We believe that family businesses remain an important driver of Thailand’s economy. We’re delighted to help facilitate this journey, and witness the continued growth and prosperity of family business in Thailand.

Niphan Srisukhumbowornchai
Clients and Markets Leader
Entrepreneurial and Private Businesses Leader
Tax and Legal Partner, PwC Thailand