The uncertainty created by the Covid-19 pandemic has made current generation family business owners less likely to relinquish control, and has made it more difficult for the next generation to establish themselves, according to aPwC’s 2022 Global NextGen Survey spoke with more than 1,000 next generation members in family businesses across 68 countries, including Ireland, to understand their key priorities and challenges.
Just 28 per cent of the next generation members said they were given significant internal operations to run, compared with 48 per cent in PwC’s 2019 report. About 32 per cent said they are used as a sounding board, down from 36 per cent in 2019. In addition, 35 per cent of women believe their male counterparts are more likely to be expected to run the business. Fewer women have a clear idea about their personal ambitions for a future role in the family business compared with men .
Two-thirds of next generation family business members said achieving business growth was a top priority. At the same time, nearly the same number said their family business has the opportunity to lead the way in sustainable business practices.