Meaningful continuity is a key area of focus for KPMG Family Office. We work together with successful individuals and their families to articulate aspirations for both the family and the family wealth and support the co-creation and implementation of plans in service of those goals. This report aims to deepen our collective understanding of the importance of the next generation and their hopes and intentions when it comes to their family business and legacy.
In the first Family Enterprise Foundation report Ready, willing and interested – or not? (supported by KPMG Family Office), findings suggested that the next generation may not be willing or interested in taking over the family business. Unexpectedly, findings in this new report suggest that not only are the younger generation willing, they are passionate about preserving their family and family business legacy.
Loyal, committed and driven
The research found that the next generation who are currently involved in their family businesses are generally in favour of retaining family control of the business. Younger respondents (18-44 years old) value building a sustainable business for their family more than the older respondents (45+ years old).
I think of the family business as a legacy to leave future generations
It's our legacy
The findings also indicate that 89 per cent of younger respondents agree that the family business is a legacy to leave future generations, while a quarter of 45+ year-old respondents somewhat or totally disagree with this statement.
How important is building a sustainable business for my family?
Key insights
- There is a passion for and a commitment to continuing a legacy, yet legacy itself is interpreted differently from family to family. To some families, it means continuing to build wealth. For others, it means continuing the family business or a set of values that they wish to continue to the next generation.
- Pursuing a career in the family enterprise is appealing for many of those in the next generation.
- Younger respondents appear to be at least as – if not more – committed to building a sustainable family business than older respondents.
- The family business "spirit" is strong in the DNA of the younger generation, especially when it comes to succession and desire for ownership of the business to remain in the family.
Successful family enterprises that have a transgenerational continuity mindset plan proactively around the future generations. They're guided by a shared purpose. They create an inclusive culture, invest in their human capital and nurture their capabilities to create a lasting family business legacy.
Download the full report for comprehensive survey results. The report also includes key questions and insights developed in collaboration with Family Enterprise Advisors (FEAs) across Canada. To learn more or to speak to our professionals about the report findings and your family business, please contact us.
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