Succession Planning for Family Businesses

PwC's 2019 Global NextGen Survey data indicates that family business successors prioritize six key aspects in managing their companies. Approximately 64% of respondents felt the need to develop business strategies to adapt to the digital era. Furthermore, 62% are striving to professionalize their company's management practices.

However, they also recognize several areas needing improvement to gain experience. These business successors feel the need to enhance their skills, experience both within and outside the family business, and improve their confidence levels.

Family business successors aspire to be agents of change. However, they feel that current leaders are not providing sufficient support in preparing them for their future roles. This sentiment is prevalent across regions, from America to Asia.