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.
The part of the survey focused on more than 250 millennials working in their family business found that a majority of what PwC calls “next gens” start in a junior role at their family’s company and work their way up to senior management only through time. Moreover, a whopping 70 percent work at another organization before joining the family firm. While 44 percent say they have a clear path toward running all or part of the business, only 50 percent believe they are given any preferential treatment because they are family members. In short, millennials who join their families’ firms expect to work as hard as anyone else and understand that they must compete to advance.