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Bailey McCann, Opalesque New York: Family offices are struggling to get next generation leaders fully involved according to a new family office survey from Deloitte. The survey asked 500 current leaders and next-generation members of US family businesses about their approach to leadership, risks and decision-making. The survey revealed generational disparities in the priorities shaping the family business.
There is a gap between generations in their confidence in their succession plans. 24% of the current gen strongly agree their succession plans would continue smooth business operations if an important family member employee departed the business, but only 13% of the next gen felt the same way.
When asked about the steps being
taken to prepare the next generation
for leadership, the most common responses from current generation leaders in family offices were - introducing the next
generation to the governance structure; conducting regular formal
discussions on the business's long-term
strategic planning and engaging the
next generation in external relationships,
like those with suppliers, vendors,
alliances, and partnerships. However, the timeline for training the next generation on each of these action items is getting shorter as many current generation leaders get close to retirement. According
to survey respondents, 28% expect that the next generation of
family members will take charge within five years, and another
47% expect the transfer to occur within t...................... To view our full article Click here
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