The old saw about children being handed the family business on a silver platter doesn’t apply to the next generation of family-owned companies, according to this year’s PwC Family Business Survey.

In fact, the results indicate to the contrary - the next generation are prepared to work elsewhere, gain vital experience to bring back to the family firm and are more than happy to earn their stripes and prove themselves over receiving any preferential treatment just because they are family.

It is great to see the millennials recognising and embracing that the needs of the business must come first.