Abstract
New data were collected through surveys of 221 senior family business leaders and 140 next generation members, focus groups involving 14 next generation
members and 6 case studies of family businesses that have reached the third generation and beyond, derived from 16 interviews with senior and next generation family members.
Senior generation family business leaders provided reasons why they might, and might not, want to engage the next generation and issues they had faced. Leadership development and developing responsible owners were the most important reasons for next generation engagement.
Next generation family members were eager to learn about the family business. Some 89 per cent of next gens said they engaged because they cared about the business. Family members from both generations revealed pride in the family business and each other; a sense of enjoying the family business; and also frustrations and lack of understanding. Next gens were more confident of their future role where families provided an engagement programme specifically
focused at developing the next generation’s ownership potential, rather than intertwining ownership and management development. Senior generations indicated that successful engagement of the next generation was associated with better business performance.
members and 6 case studies of family businesses that have reached the third generation and beyond, derived from 16 interviews with senior and next generation family members.
Senior generation family business leaders provided reasons why they might, and might not, want to engage the next generation and issues they had faced. Leadership development and developing responsible owners were the most important reasons for next generation engagement.
Next generation family members were eager to learn about the family business. Some 89 per cent of next gens said they engaged because they cared about the business. Family members from both generations revealed pride in the family business and each other; a sense of enjoying the family business; and also frustrations and lack of understanding. Next gens were more confident of their future role where families provided an engagement programme specifically
focused at developing the next generation’s ownership potential, rather than intertwining ownership and management development. Senior generations indicated that successful engagement of the next generation was associated with better business performance.
| Original language | English |
|---|---|
| Place of Publication | London |
| Publisher | IFB Research Foundation |
| Commissioning body | IFB Research Foundation |
| Number of pages | 58 |
| ISBN (Print) | 978-0-9551898-8-3 |
| Publication status | Published - 2016 |