With people living longer, increasing demographic and societal changes, family businesses in different parts of the world are exposed to new challenges that make traditional methods of succession and governance no longer appropriate. Looking at the demographic cohorts of global family business leaders helps shed light on differences in generational outlook and how family businesses are dealing with the challenges associated with succession and governance in the modern era.
Overseeing, understanding and managing such challenges within the family and firm structure and culture is critical to the sustainability of the global family business model.
This report, based on the STEP (Successful Transgenerational Entrepreneurship Practices) 2019 Global Family Business Survey, addresses the above-mentioned challenge by answering the following questions:
- How do changing demographics impact family business succession and governance?
- Do CEOs belonging to younger demographic cohorts, such as Millennials, have different managerial and leadership styles?
- How are family business leaders planning personal retirement plans and company succession plans?
- What are the differences across cultures?
With over 1,800+ family business leaders from all over the world sharing their views on changing demographics and how they impact family business governance, succession, entrepreneurial orientation and performance, this report aims to foster debate and analysis on family businesses in different parts of the world.
Family business leaders have responded in 18 languages, from 33 countries and across 5 world regions (Europe & Central Asia, North America, Latin America & the Caribbean, Asia & the Pacific, and the Middle East & Africa). The study has been promoted by 48 STEP-affiliate universities from different parts of the world that have made this collective effort a reality thanks to their passion for family business. All the ingredients for a great story have been collected. We wish you all the best in discovering more.