Family business goals and NextGens’ added values

Family-owned firms must balance business goals and family goals, which are generating family wealth and maintain family values that last for generations. Optimising the great balance needs a smooth transition when passing the baton from generation to generation. To do this, the heirs must deeply understand the business and be ready to take on the full level of responsibility. The right skills and capabilities needed for the business will also help young leaders fill the gaps where the business needs improvement.

Regarding these issues, NextGens show that they have a good understanding of their family business and also know that they can improve the business utilising capabilities they have to close the gaps.

Based on the survey results, there’s very close alignment between family business priorities and the areas where the NextGens think they can add most value. For example, having a business strategy fit for the digital age is a key focus for family businesses. Thai NextGens feel that digital transformation is an area where they can personally add most value in realising the family business goals.

For Asia Pacific NextGens, talent is a key business priority and they feel that attracting talent is an area where they can add significant value to meeting their family business objectives.