The digital age is upon us, global research by PwC, Same Passion, Different Paths: How the next generation of family business leaders are making their mark, tells us that the next generation of family business leaders are ready to embrace digital changes, but face hurdles with the current generation.
75% of the next generation of family business leaders have big plans to take their businesses to new heights. However the main generational challenges continue to be digital and innovation.
All firms – not only family businesses – need to acknowledge the digital challenges facing them. Having a strategy fit for the digital age was voted very important or essential by 75% of next gens polled, however only 7% of them consider their business is currently doing this well.
Over a third of those polled (36%) expressed a frustration in the current generation not fully understanding the potential of digital and the risks it could pose.
Sian Steele, UK family business leader at PwC, said: “It’s encouraging that the majority of next gens recognise the opportunities and threats of digital disruption, but concerning that so many feel it isn’t yet being adequately addressed. In the UK, less than half of family businesses say they have a strategy fit for the digital age. For next gens, there is a clear opportunity here to educate and advise current family business leaders on how they can adapt and re-skill to embrace new technologies.”
The UK statistics are from PwC’s Family Business Survey and you can find out more about the survey here.
For more information on the dedicated Gorvins Family Business Team, please do not hesitate to contact Christian Mancier, Corporate and Commercial Partner and Joint Head of the Gorvins Family Business Law Department via christian.mancier@gorvins.com or follow Christian on twitter @mancier.