Next-generation survey of family business leaders 2016

Learn about the challenges facing next-generation family members as they prepare to take over their families’ businesses.

This survey by PwC communicated with 268 next-generation family members likely to take over the business from 31 countries worldwide. The central theme of expectations is the focus in this report.

The results show that the next generation’s confidence has risen, their horizons have widened, and their preparation for senior roles has improved. But, some of the issues are more challenging, as well.

Key findings:

  • Next gens are experiencing more challenges, both inside the firm, and in the wider business landscape.
  • 88 per cent of next gen family business leaders want to leave their stamp and do something special with the business − not just bigger and stronger, but more international, more diversified, and more modern
  • 70 per cent of next gens worked outside the family firm to gain useful experience and bridge the credibility gap before joining the family business
  • a minority (41 per cent) believe their firm has a strategy fit for the digital world
  • 52 per cent of next gen family business leaders are worried that they will need to spend time managing family politics
  • $50 billion total turnover of companies represented by 268 respondents in 31 countries
  • over 70 per cent of current family business leaders and next gens identified a skilled workforce as the number one business priority
  • 61 per cent of next gens think it will be difficult for the current generation to fully let go when they take over