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Heirs to Indonesian tycoons 'want more trust' in managing family ventures
The survey’s findings reflected ambition and commitment among next-generation industry players to their family businesses.
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Working with a view at Greenhouse. (Greenhouse/File)
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new generation of industry players have emerged at the forefront of a changing business landscape, bracing themselves for further disruptions that could either make or break their enterprises in the 2020s and beyond.
This is especially true for inheritors of family-run companies, with many aspiring to ride the wave of digital transformation in order to maintain their firms’ relevance, as well as climb up to the executive-level positions in the next five years, according to a recent report commissioned by multinational professional service network PricewaterhouseCoopers (PwC).
According to the PwC 2019 Global NextGen Survey, which was conducted in 69 territories across five continents and in 11 industries, a majority of its so-called next-generation respondents are already actively engaged in their family enterprises – 48 percent of whom said they had already run significant operations, while 26 percent said they had assumed executive roles.
Furthermore, 64 percent of these next-generation stakeholders also said they were capable of adding value to ensure that future business models adopted by their firms were relevant to the digital age.
Despite the relatively optimistic outlook, however, some also bemoaned the fact that they had yet to be taken as seriously as their senior counterparts regardless of their active involvement in the day-to-day operations of the family business.
PwC’s global family business leader in Germany, Peter Englisch, said that although the survey’s findings reflected ambition and commitment among next-generation industry players to their family businesses, some respondents had also complained about the lack of support and opportunity in family-run ventures.
“We should recognize, 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,” Englisch said in a statement.
