Here at Family Business United we are delighted to announce the launch of our second Global Family Business Think Tank Report which summarises the thoughts of over 100 leading family business owners, experts and advisers from around the world on specific topics that will help to shape family business discussions and strategies going forward including thoughts on managing nepotism in family firms, shirtsleeves to shirtsleeves in three generations and the case for the next generation gaining experience outside of the family firm.
Check out the full Global Family Business Think Tank Report here
Key Findings:
82% of respondents believe that nepotism still exists today
87% of respondents believe that family firms want to do business the right way
86% think that it is important for the next generation to gain external experience before joining the family business
94% of respondents feel that it is inevitable that there will be a degree of conflict within family firms
Only 10% of respondents believe that family firms educate their stakeholders sufficiently about their history, heritage and purpose
94% believe that community is an integral part of the very essence of being a family business
Philanthropy and community engagement are important to family businesses around the world
Imposter syndrome is a real challenge for the next generation in family firms
46% of respondents no longer believe that the adage of shirtsleeves to shirtsleeves in three generations is relevant in the world of family business today.
As well as the top level statistics that highlight areas that need to be on the family business agenda, we have included quotes from some of the global participants and a number of articles too.
As Paul Andrews, Founder and CEO of Family Business United who published the report explains, "We hope that the report enables conversations to take place to bring the family business community together to further innovate, drive changes as a force for good and helps provide further support for families in business to continue to flourish for generations to come."
"The aim of the report was to harness the collective voice of the family business community around the world and share their thoughts and comments on areas that are certainly being discussed in family business board rooms and there is certainly plenty to think about and for family firms that are looking to plan for the next stage in their journey, areas that they should, if they are not already, be considering."
"This is the second of our Global Family Business Think Tank Reports and not only does it highlight key areas for family businesses to consider, it will prove useful in helping us to develop and deliver further resources, insights and thought leadership pieces to address the areas discussed and enable family businesses to continue the conversation."
"We could not have compiled the report without the assistance and participation of our friends around the world and we are immensely grateful to everyone who took the time to share their thoughts with us, contributing to a document that will certainly make a difference too," concludes Paul.
Find out more:
These results were part of the 2024 Global Family Business Think Tank Report that was published in Autumn 2024.
A copy of the final report is available to download here and is free to Family Business United members and digital subscribers. Find out more about becoming a member of Family Business United here or take out a digital subscription to access all areas and content available on the platform including this report here
Furthermore, if you would like further details about the report, wish to supply your insights for the 2025 campaign or are interested in sponsoring the next report, please do not hesitate to contact us.
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