LET THE NEXT GENERATION THRIVE PAUL ANDREWS
Family businesses should trust in next generation leaders to thrive in digital age according to the latest research. Here we take a look at the findings from nearly 1,000 NextGens around the world who are becoming, or aspiring to become, family business leaders. Family business NextGens view themselves as agents of change for digital transformation but are looking for greater support and trust from current generation leaders, according to a new report by PwC. PwC’s Global NextGen Survey 2019 found that a majority of NextGens are already deeply engaged in the family enterprise, with nearly half (48%) reporting that they already run significant internal operations. A quarter (26%) are already in an executive director position. This level of engagement is also matched by future ambitions to lead, with 41% seeking an executive director role within the next five years and nearly a third (29%) looking to be a majority shareholder. Confidence is also high amongst NextGens about the value they can bring in terms of skills. Over two-thirds of respondents see their strongest attributes (problem-solving and leadership) to be essential skills in the future business landscape. 64% say they can add value to ensure future business strategy is fit for the digital age. Peter Englisch, Global Family Business Leader, PwC Germany says, “The survey findings highlight the positive news that NextGens are ambitious and deeply committed to the family business. They see a clear role in securing the family legacy in an age of profound disruption and transformation. Yet they also see themselves as being held back and frustrated by a lack of opportunity." “We should recognise, however, that these frustrations are realistic and pragmatic. What NextGens are looking for is support in terms of developing the expertise and experience they need to succeed. Their view can be summed up as: Help me unlock my potential so I can gain the skills and experience I will need to take on the leadership roles I aspire to.” "They are a diverse group in terms of their needs and ambitions. NextGens require an approach that is built around understanding their needs and ambitions and this survey provides an important guide to the next steps they should take." 31 PROFESSIONAL INSIGHT
