1、Today and beyond:The next generation challenges the status quo of family businessPwCs Global NextGen Survey 20222 PwCs Global NextGen Survey 2022Contents03 Foreword04 A message from The Family Business Network05 NextGen priority:The growth imperative for family businesses08 Time to act on ESG10 Educ

2、ating future leaders11 Meet Oge Elumelu:Developing analytical and soft skills 12 Securing the familys future14 Succession plans 15 Bridging the family gender gap16 Meet Isabelle Randon Frota:Aligning intergenerational values17 Future wealth management19 Meet Vincent Fong:Gaining experience outside t

3、he family business20 How to challenge the status quo:Become the leader your family and business need22 About the NextGen survey3 PwCs Global NextGen Survey 2022Foreword PwCs Global NextGen Survey 2022,the most extensive survey of the next generation of family business leaders weve ever conducted,ref

4、lects the extraordinary times were living through.The COVID-19 pandemic is testing companies around the world,and family businesses are rising to the challenge.Our survey shows how the pandemic has united the generations around a common goal:driving growth to secure the stability of the business and

5、 the family.But this is just the beginning of the story.The business landscape is shifting rapidly,and the responsibility and challenges you face as future leaders are complex.Business as usual isnt an option in a world characterised by economic disruption,pervasive uncertainty and climate change.Yo

6、u understand this,and you,in particular,see the vital link between environmental,social and governance(ESG)concerns and growth.You also understand that family businesses can and should lead the way on ESG.To get this message across,youll need to win the trust of the current generation while challeng

7、ing the status quo.Youll need a new generational contract.We know youre ready to do this.Our survey shows your desire to learn new skills and your commitment to building trust,the hallmark of family businesses everywhere.Thats an optimistic message in challenging times.Be the inspiration.Drive the c

8、hange.Peter EnglischGlobal Family Business and EMEA Entrepreneurial and Private Business Leader,Partner,PwC Germany4 PwCs Global NextGen Survey 2022A message from The Family Business NetworkThe Family Business Network(FBN)is excited to collaborate with PwC on this years global NextGen survey,as FBN

9、celebrates the 20th anniversary of its own next-generation community.The COVID-19 pandemic has accelerated the transition of power in many business families and allowed a new generation of family leaders to challenge the status quo.From the results of the survey,weve learned that theyre well-equippe

10、d with traditional skills,including finance,management and business administration.Yet leadership today requires new approaches and competencies.Embracing diversity and developing new talents will be essential ingredients if next-generation members are to establish their leadership style,make their

11、mark and build their own legacy.By harnessing the ESG revolution,they can unlock new opportunities and create value for all stakeholders.More than ever,NextGens have the capacity to shape their family business and make an impact as they take up responsibilities as managers and(future)owners.With bus

12、iness families representing more than 70%of the economy,their collective impact can make a huge difference.We encourage you to share the insights from this survey with family members,top managers and peers,and join us on this exciting transformation journey.Alexis du Roy de Blicquy CEO,The Family Bu

13、siness Network5 PwCs Global NextGen Survey 2022NextGen priority:The growth imperative for family businessesWhen it comes to the future success of the family business,you know what you want,and it comes down to one word:growth.Sixty-five percent of you say it is a top priority.This isnt surprising.Fo

14、r family businesses,growth is the product of a stable business and a measure of success in a changing world.Its essential to maintaining and building on the legacy that previous generations created and to securing the familys continued prosperity and wealth.Its a message from the next generation tha

15、t they can deliver,too.As the family expands through the generations,this growth needs to be in double digits.But growth alone is not enough.Success for family businesses is multidimensional.The three dimensions of a family businessBusinessBusiness(the engine):The business needs to grow 10%every two

16、 to three years through organic growth,diversification or impact investing to serve the family interests.Future focus:Develop the capabilities to deliver on environmental,social and governance(ESG)concerns.Family:A united family,supported by a strong constitution and governance,supports growth.Futur

17、e focus:Establish a generational contract to bolster succession planning and sustainable transformation.Wealth:Adequate wealth reserves ensure that the family maintains or enhances its position.Future focus:Family Offices can strengthen business prospects and foster asset diversification.FamilyWealt

18、hProving yourself:The current generation is holding on to controlSource:PwCs Global NextGen Survey 2022The pandemic has brought families together.of NextGens say theyre now more involved in the business than they were prior to 2020.43%say they feel more committed to the business than they did before

19、 the pandemic.43%say the pandemic resulted in stronger communication with the current generation.36%But the current generation is making it hard for NextGens to prove themselves.report being given a project during the pandemic they might not have been asked to lead before.14%say that the current gen

20、erations hesitance to retire is a problem.57%find it difficult to prove themselves as a new leader or board member.45%0300Corp IndenxFB IndexJune 2021Jan 2021June 2020Jan 2020June 2019Jan 2019June 2018Jan 2018June 2017Jan 2017June 2016Jan 2016June 2015Jan 2015June 2014Jan 2014June 2013Jan

21、 2013June 2012Jan 2012Generational priorities:Like parents,like childrenAll generations in a family business look to grow through new markets.Gen Z is more likely to prioritise sustainability.Note:Responses are drawn from a 2021 PwC family business survey and the present NextGen survey.The list of p

22、riorities in the family business survey included introducing new products and services and increasing the organisations social responsibility.The NextGen list formulates the questions as ensuring we offer the right products and services for todays customers and increasing our focus on investments fo

23、r sustainability and impact.Sources:PwCs Global Family Business Survey 2021 and PwCs Global NextGen Survey 2022All NextGenGen ZMillennialsExpanding into new sectorsor markets50%39%40%36%49%44%50%41%52%39%40%40%32%37%15%24%26%25%16%31%32%38%55%47%49%44%Offering new or the right products or servicesIn

24、vesting in innovationand R&DReducing the organisationsenvironmental impactIncreasing the focus on social responsibility and sustainabilityAdopting new technologiesImproving digital skills34%28%Current Generation*This line graph contains editable data*Businesses that have better ESG risk scores also

25、have higher market valuesAs sustainability became more important to investors in the past decade,the market capitalisation of family businesses began to trail that of nonfamily businesses.Note:Family Capital rated the top 100 family businesses and the top 100 nonfamily businesses using an ESG risk p

26、rofiler.The index value is set at 100 on 1 Jan 2012.Source:David Bain,Family businesses fall behind non-family companies on ESG and lose their trust premium,Family Capital,16 Sep 2021, IndexIndex Value000000240260280Family Business IndexThe key

27、question now is how youll deliver growth when faced with the existential challenges of today:climate change,pandemic disruption and technological advances.What capabilities do you need,as the leaders of tomorrow,to ensure the prosperity of your family business?And how can you prove yourselves capabl

28、e custodians of the business and familys future?Growth is a complex area for family businesses,with emotional as well as financial elements in the mix.You may know the rule of thumb:every two to three years,the business needs to grow by 10%to keep family wealth at a constant level as the generations

29、 expand.Its a tough ask for any business,made even tougher by the pandemic and the threat of climate change.We believe that a business-as-usual approach,one that continues the way the family enterprise is currently run,wont be enough.As leaders-in-waiting,youll have to develop your own blueprint for

30、 success.And to maintain stability and achieve the growth necessary to earn your licence to operate,youll find yourself pushing boundaries and challenging years of established thinking the way it has always been done.Youll need new capabilities beyond digital expertise to deliver on environmental,so

31、cial and governance(ESG)concerns:to reach net zero,to manage the evolving workforce trends as we face the great resignation1 and to identify new markets in a post-pandemic world.1 The editorial board,The great resignation is not going away,Financial Times,1 Feb 2022, PwCs Global NextGen Survey 2022F

32、or the moment,its surprising just how aligned the generations are in their priorities.The most significant divergence is on the topic of sustainability,which is more of a focus for Gen Z than for its elder cohorts.Generational priorities:Like parents,like childrenAll generations in a family business

33、 look to grow through new markets.Gen Z is more likely to prioritise sustainability.Note:Responses are drawn from a 2021 PwC family business survey and the present NextGen survey.The list of priorities in the family business survey included introducing new products and services and increasing the or

34、ganisations social responsibility.The NextGen list formulates the questions as ensuring we offer the right products and services for todays customers and increasing our focus on investments for sustainability and impact.Sources:PwCs Global Family Business Survey 2021 and PwCs Global NextGen Survey 2

35、022All NextGenGen ZMillennialsExpanding into new sectorsor markets50%39%40%36%49%44%50%41%52%39%40%40%32%37%15%24%26%25%16%31%32%38%55%47%49%44%Offering new or the right products or servicesInvesting in innovationand R&DReducing the organisationsenvironmental impactIncreasing the focus on social res

36、ponsibility and sustainabilityAdopting new technologiesImproving digital skills34%28%Current Generation8 PwCs Global NextGen Survey 2022Time to act on ESG Its true that being focused on digital skills and new technology proved invaluable during the pandemic.In our 2019 NextGen survey,64%of your peer

37、s felt that they could add significant value to the business by helping to develop a strategy fit for the digital age.Then,the pandemic presented an urgent need for your expertise.Today,almost half of you(44%)are actively engaged in adopting new technologies.For one in five of you,the pandemic accel

38、erated your engagement with the business in this area.You clearly have much more to give.Sixty-four percent of you believe theres an opportunity for family businesses to lead the way in sustainable business practices.Wed argue that you need to speed up your plans.Seventy-two percent of you say you e

39、xpect to be involved in increasing your business focus on investments for sustainability in the future,but only 28%are doing this now.And though two-thirds of you expect to be involved in reducing your business environmental impact in the future,only one in four is already involved today.Every busin

40、ess leader wants to grow their business.This is where NextGen owners come in.Understanding and accounting for how ESG dimensions of performance may create or erode enterprise value is essential to pivoting with society towards a more sustainable future.”Susanne StormerESG&Sustainability Services Lea

41、der PwC Denmark9 PwCs Global NextGen Survey 2022Research by Family Capital shows that in recent years,publicly listed corporations that prioritise ESG and have better ESG risk ratings,as a group,than family businesses have begun to outperform family businesses in terms of market capitalisation.These

42、 results indicate that family businesses are losing their trust premium.As ESG climbed up the investor agenda,family businesses lagged behind,and investors took note.72%of NextGens expect to be personally involved in increasing the business focus on investments for sustainability impact in the futur

43、e.28%are doing it now.BusinessBusiness(the engine):The business needs to grow 10%every two to three years through organic growth,diversification or impact investing to serve the family interests.Future focus:Develop the capabilities to deliver on environmental,social and governance(ESG)concerns.Fami

44、ly:A united family,supported by a strong constitution and governance,supports growth.Future focus:Establish a generational contract to bolster succession planning and sustainable transformation.Wealth:Adequate wealth reserves ensure that the family maintains or enhances its position.Future focus:Fam

45、ily Offices can strengthen business prospects and foster asset diversification.FamilyWealthProving yourself:The current generation is holding on to controlSource:PwCs Global NextGen Survey 2022The pandemic has brought families together.of NextGens say theyre now more involved in the business than th

46、ey were prior to 2020.43%say they feel more committed to the business than they did before the pandemic.43%say the pandemic resulted in stronger communication with the current generation.36%But the current generation is making it hard for NextGens to prove themselves.report being given a project dur

47、ing the pandemic they might not have been asked to lead before.14%say that the current generations hesitance to retire is a problem.57%find it difficult to prove themselves as a new leader or board member.45%0300Corp IndenxFB IndexJune 2021Jan 2021June 2020Jan 2020June 2019Jan 2019June 20

48、18Jan 2018June 2017Jan 2017June 2016Jan 2016June 2015Jan 2015June 2014Jan 2014June 2013Jan 2013June 2012Jan 2012Generational priorities:Like parents,like childrenAll generations in a family business look to grow through new markets.Gen Z is more likely to prioritise sustainability.Note:Responses are

49、 drawn from a 2021 PwC family business survey and the present NextGen survey.The list of priorities in the family business survey included introducing new products and services and increasing the organisations social responsibility.The NextGen list formulates the questions as ensuring we offer the r

50、ight products and services for todays customers and increasing our focus on investments for sustainability and impact.Sources:PwCs Global Family Business Survey 2021 and PwCs Global NextGen Survey 2022All NextGenGen ZMillennialsExpanding into new sectorsor markets50%39%40%36%49%44%50%41%52%39%40%40%

51、32%37%15%24%26%25%16%31%32%38%55%47%49%44%Offering new or the right products or servicesInvesting in innovationand R&DReducing the organisationsenvironmental impactIncreasing the focus on social responsibility and sustainabilityAdopting new technologiesImproving digital skills34%28%Current Generatio

52、n*This line graph contains editable data*Businesses that have better ESG risk scores also have higher market valuesAs sustainability became more important to investors in the past decade,the market capitalisation of family businesses began to trail that of nonfamily businesses.Note:Family Capital ra

53、ted the top 100 family businesses and the top 100 nonfamily businesses using an ESG risk profiler.The index value is set at 100 on 1 Jan 2012.Source:David Bain,Family businesses fall behind non-family companies on ESG and lose their trust premium,Family Capital,16 Sep 2021, IndexIndex Value160140180

54、22000000240260280Family Business Index10 PwCs Global NextGen Survey 2022Educating future leadersA crisis like the pandemic reminded businesspeople at all levels that their training and career path cant prepare them for everything.Indeed,28%of you believe t

55、he pandemic identified a need for upskilling and additional education.But when we asked what you think you need to learn,the list was a familiar one:finance(53%),leadership development(48%)and business model innovation(41%).Sustainability was identified as a priority by only 24%of you.Most of you al

56、ready have excellent business qualifications89%of you have completed at least a university degree,the majority in business and finance,and 17%of you hold an MBA or doctorate.But is more of the same the right solution today?Family businessesindeed,all businessesneed new perspectives if theyre going t

57、o take full advantage of all the opportunities in the transformational years ahead.Business schools are beginning to recognise this,and many are exploring a more multidisciplinary approach to business and leadership,one that places a far greater emphasis on people,planet and purpose,instead of pure

58、profit maximisation.In its Responsible Business Education Awards 2022,2 the Financial Times quotes Omid Aschari,associate professor at the University of St.Gallen,in Switzerland,on the need to embrace a new approach to preparing the next generation of leaders that reflects the existential crises the

59、 planet is facing:The risk is that if students do not see the real world reflected in the curriculum,then business schools will become museums of management history.2 Special Report:Responsible Business Education Awards 2022,Financial Times,2022, Oge Elumelu,Nigeria Developing analytical and soft sk

60、illsOge,the eldest daughter of Nigerian economist and businessman Tony Elumelu,is studying politics and philosophy at the London School of Economics and expects to work at the Tony Elumelu Foundation,which her parents started in 2010.The foundation,which empowers entrepreneurs across Africa,is part

61、of Heir Holdings,the Elumelu familys private investment firm,where Oge has volunteered since she was 14.Oge chose not to study finance and business because she wants to develop and use both her analytical and soft skills.To this end,she has also co-started a podcast called Talk Africa to air views a

62、nd ideas pertinent to sub-Saharan Africa,including socioeconomic inequality and feminism.Shes also a Young Peoples Action Team ambassador for UN Generation Unlimited,the United Nations global movement aimed at helping young people from marginalised communities.These are extracurricular activities th

63、at sit at the core of my passions and goals,and I am confident they will help me as I begin working at the foundation in the near future and contributing meaningfully to the foundations work via the multiple skills Id have acquired over time,she says.I am passionate about giving back to Africa,and i

64、t is important to me that I do this not just by giving out handouts,but by investing in people and making a real,long-standing impact in their lives.The foundation has funded more than 15,000 young African entrepreneurs,and more than 400,000 direct and indirect jobs have been created across the cont

65、inent.11 PwCs Global NextGen Survey 202212 PwCs Global NextGen Survey 2022Securing the familys future Our survey shows how the pandemic has brought family business generations together.You told us that it strengthened cohesion,accelerated succession planning and united everyone towards a common goal

66、:to drive business growth.It brought forward your involvement in the business,and many of you say that it strengthened communication between generations.Almost half of you feel more committed to the business than you did before the pandemic.It is not easy to transition from the drivers seat to the p

67、assengers seat.But I felt heartened that my next generation could take the family business to the next level because of how they have stepped up to build mutual trust and credibility with the current generation.”Gan See Khem,Ph.D.Executive Chairman and Managing Director Health Management Internation

68、al Ltd,Singapore13 PwCs Global NextGen Survey 2022But theres also a disconnect in levels of responsibility.Indeed,our previous survey showed that more of you were given significant opportunities in the business before the pandemic than today.In our 2019 survey,48%of you said you were given significa

69、nt internal operations to lead.Now its 28%.In 2019,36%said you were used as a sounding board.Today its 32%.And today,one in four say its difficult to get an understanding of how the business or Family Office operates.The current generation is even less keen to let go than in the past,even though its

70、 clear that you,the future of the business,want to prove youve got what it takes.Proving yourself:The current generation is holding on to controlSource:PwCs Global NextGen Survey 2022The pandemic has brought families together.of NextGens say theyre now more involved in the business than they were pr

71、ior to 2020.43%say they feel more committed to the business than they did before the pandemic.43%say the pandemic resulted in stronger communication with the current generation.36%But the current generation is making it hard for NextGens to prove themselves.report being given a project during the pa

72、ndemic they might not have been asked to lead before.14%say that the current generations hesitance to retire is a problem.57%find it difficult to prove themselves as a new leader or board member.45%0300Corp IndenxFB IndexJune 2021Jan 2021June 2020Jan 2020June 2019Jan 2019June 2018Jan 2018

73、June 2017Jan 2017June 2016Jan 2016June 2015Jan 2015June 2014Jan 2014June 2013Jan 2013June 2012Jan 2012Generational priorities:Like parents,like childrenAll generations in a family business look to grow through new markets.Gen Z is more likely to prioritise sustainability.Note:Responses are drawn fro

74、m a 2021 PwC family business survey and the present NextGen survey.The list of priorities in the family business survey included introducing new products and services and increasing the organisations social responsibility.The NextGen list formulates the questions as ensuring we offer the right produ

75、cts and services for todays customers and increasing our focus on investments for sustainability and impact.Sources:PwCs Global Family Business Survey 2021 and PwCs Global NextGen Survey 2022All NextGenGen ZMillennialsExpanding into new sectorsor markets50%39%40%36%49%44%50%41%52%39%40%40%32%37%15%2

76、4%26%25%16%31%32%38%55%47%49%44%Offering new or the right products or servicesInvesting in innovationand R&DReducing the organisationsenvironmental impactIncreasing the focus on social responsibility and sustainabilityAdopting new technologiesImproving digital skills34%28%Current Generation*This lin

77、e graph contains editable data*Businesses that have better ESG risk scores also have higher market valuesAs sustainability became more important to investors in the past decade,the market capitalisation of family businesses began to trail that of nonfamily businesses.Note:Family Capital rated the to

78、p 100 family businesses and the top 100 nonfamily businesses using an ESG risk profiler.The index value is set at 100 on 1 Jan 2012.Source:David Bain,Family businesses fall behind non-family companies on ESG and lose their trust premium,Family Capital,16 Sep 2021, IndexIndex Value01001202

79、0000280Family Business Index14 PwCs Global NextGen Survey 2022Succession plansThe decision to give control to the next generation is a huge,once-in-a-lifetime event.Owners need to feel confident that the business is in safe hands,and you,its future leaders

80、,need to provide the reassurance that you understand the challenges and have the skills to protect and grow the business.The good news is that the pandemic focused the minds of family businesses on succession planning.In PwCs Global Family Business Survey 2021,30%of the current generation said there

81、 was a robust plan.Today,61%of NextGens say the family has a succession plan.Still,the current generation is holding on tight for now:39%of NextGens say there is a resistance in their company to embracing leadership change.But what being prepared for succession means in practice is rarely articulate

82、dand in the absence of that discussion,many of you believe that the way to win the confidence of the current generation is to follow its example,rather than forge a different path.Our survey results show that tendencyand they explain why your firm conviction that ESG is tied to growth has yet to be

83、translated into action.An honest generational contract that communicates expectations on both sides will inspire confidence.Now that communication is clearer between the generations,as noted above,and better succession planning is in place,its time to work out the details.What leadership skills and

84、experience are required to allow the business to thrive?What will deliver growth in the future?And what are the stages and landmarks on the route to successionwhat do NextGens have to achieve to be awarded a place on the board,for example?(See Educating future leaders,above.)The responsibility for g

85、enerational transition does not fall solely on the shoulders of the current generation.NextGen can play an active role by managing up,based on mutual respect and good communication across generations,to set the pathways for senior leaders that affirm their identity and status.”Kenneth Goh,Ph.D.Profe

86、ssor and Academic Director,Business Families Institute Singapore Management University61%of NextGens say their family businesses now have a succession plan in place.15 PwCs Global NextGen Survey 2022Bridging the family gender gap If family businesses are looking for a quick win in terms of widening

87、the diversity of their thinking,they should start by looking at the relative role of male and female NextGen members.Although women,like their male peers,want to focus on business growth as a top priority(53%for women versus 69%for men),theyre marginally more focused on ESG concerns:improving workin

88、g conditions and sustainability are higher on their list than they are for their male counterparts.The big difference comes down to leadership expectations:35%of your female peers believe their male counterparts are more likely to be expected to run the business.Asked the same question,41%of men bel

89、ieve they are more likely to lead.This could be because women are less likely to be in a leadership role now43%of women currently hold leadership positions versus 59%of male respondents.One-quarter of female respondents say they need to understand more about the business before they could suggest an

90、y changes,compared with 13%of their male counterparts.This should send a clear message to the current generation:focus on bridging the gender gap in the family.16 PwCs Global NextGen Survey 2022Meet Isabelle Randon Frota,Brazil Aligning intergenerational valuesIn 2018,Isabelle helped set up a commit

91、tee of the third generation of the Randon family business to identify what its role would be in the future.The goal is to align intergenerational values with those of the companys founders,Isabelles grandfather and his brother.Started in 1949,Randon Companies has grown into a multinational organisat

92、ion specialising in auto parts,trailers,semitrailers and financial services,with 29 business units in 120 countries worldwide and gross revenue in 2021 of BRL13.2bn(US$2.56bn).You dont just wake up one day and suddenly know your responsibilities and role in the family business,Isabelle says.There ar

93、e 12 of us in the third generation,and we all need to learn,prepare and practice.Though she,her sister and cousins have visited the companys operations from a young age,the committee formalises the development processes and provides a forum for intergenerational communication and for ensuring that t

94、he familys strong values are nurtured and passed on.As a company,we are professionalising our governance constantly,and we have been part of that as the third generation,she says.And we all want to become responsible shareholders in the future.The continuous improvement in academic education,social

95、responsibilities and deep understanding of the family values are examples of how we are preparing for that.Isabelle,who is on the advisory committee of The Family Business Network Brazil,started her own consultancy in 2021 to help family businesses develop succession strategies to give NextGens the

96、opportunities and support they need.Future wealth management Creating the double-digit growth that family businesses need in order to ensure that the generations maintain the wealth of the business is a tall order in a world gripped by crisis.And its a big responsibility for you as NextGens to inher

97、it.As noted,family businesses that havent fully embraced ESG are already underperforming their nonfamily business counterparts in the capital markets.Thats why its important to bring together the aspirations that you have to lead on ESG with the commitment to take action.Its notable that family busi

98、nesses that have a Family Office understand the importance of ESG in securing their future prosperity.Forty-two percent of you say that your business has a Family Office,and the survey data shows that this triggers more professionalism throughout the business.Businesses that have a Family Office are

99、 more advanced in integrating ESG thinking43%have a sustainability strategy,for example,compared with 37%of those with no Family Office.They also show more discipline regarding family governance,in part because they represent larger families;theyre more likely to have a written constitution and a su

100、ccession plan in place.Wealth management and the concept of ownership competence go together.Ownership competence is the skill through which ownershipand the control it implies over resources is used to create value.This will be vital in setting the future business growth agenda.17 PwCs Global NextG

101、en Survey 202218 PwCs Global NextGen Survey 2022The concept of a Family Office has gained momentum in recent years,in light of a massive wealth transfer between generations and the increasing complexity of the family-ownership-business ecosystem.The increased wealth in family businesses in Asia is a

102、lso fuelling this growth.If done right,the Family Office can play a critical role in ensuring sustainable business growth as well as preserving the wealth and unity of the family.”Peter Vogel,Ph.D.Professor of Family Business and Entrepreneurship,International Institute for Management Development(IM

103、D)Ownership competence,3 a model developed by Professor Thomas Zellweger of the University of St.Gallen,focuses on three elements that align with what we call the owners agenda:What is owned:how owners combine resources to create value today and in the future.How it is owned:setting family governanc

104、e,choosing leaders and managers,and providing incentives to maximise value creation.When it is owned:timing of ownership decisions,such as succession planning and the staging of investment.If a business is to create sustained growth,it must pay attention to all three.You as NextGens have your own ap

105、proach to these three elements.From our survey results,we see that you lean towards a more focused ESG agenda,but either dont think you have the green light to move faster in this direction or arent yet making it a priority.3 Nicolai J.Foss,Peter G.Klein,Lasse B.Lien,Thomas Zellweger,Todd Zenger,Own

106、ership competence,Strategic Management Journal,Vol 42,Issue 2,Feb 2021, Vincent Fong,Hong Kong Gaining experience outside the family businessVincent is a fourth-generation member of a family real estate business but is making his mark as a serial entrepreneur outside the sector.Thats something he be

107、lieves will help his family in the long run,because it will bring innovation into a business thats largely driven by capital.Its more difficult to create something outside of the safety net of the family business,but I see this as a win-win situation,Vincent says.Its not just about getting recogniti

108、on for doing something by myself.Its about how we can use this business to strengthen the familys position and progress.In 2018,before the pandemic,Vincent co-founded Raze Technology,a company that uses advanced technology to create sustainable,long-lasting cleaning products and self-sanitising mate

109、rials,including masks and disinfectants.It aligns his interest in scientific advances with sustainability.When you do something new,I find its a good way to inspire your family business to adopt a more innovative approach,he says.Raze is the third business Vincent has started,and hes not yet 30 year

110、s old.In times of crisis like COVID,families band together around a common purpose.They derive more personal connection and meaning from their shared legacy,and this increases their commitment to the family business.Encouraging cross-generational dialogue around purpose,to ensure that purpose is mea

111、ningful to current and future generations,is a key to success.”Jennifer Myatt Pendergast,Ph.D.Clinical Professor,Executive Director,John L.Ward Center for Family Enterprises Northwestern University19 PwCs Global NextGen Survey 202220 PwCs Global NextGen Survey 2022How to challenge the status quo:Bec

112、ome the leader your family and business need Winning the confidence of the current generation and demonstrating that the business will thrive in your hands will take work.The world is changing,and the business techniques of the past will no longer be enough.You must earn the right to challenge the s

113、tatus quo and to discover the growth opportunities to ensure your family legacy.It takes what we call a community of solvers:people coming together with different skills to deliver success.Reimagine business success and build the foundations of sustainable growth.ESG is becoming pivotal to business

114、growthand,as NextGens,you need to take a lead in building an ESG strategy.You now have many more options for acquiring the new skills youll need to address these challenges.For example,you can learn what developing a net-zero strategy entails,how to decarbonise your business footprint and what impac

115、t your business has on others.Dont be afraid to take a different path.Dont shy away from fundamental questions.A new book by PwCs Paul Leinwand and Mahadeva Matt Mani,Beyond Digital:How Great Leaders Transform Their Organizations and Shape the Future,4 sets out seven leadership imperatives5 that are

116、 essential to shaping a companys future.The first is to reimagine the companys place in the world:what unique value does your company create?And what capabilities allow you to create that value better than anyone else?You,as NextGens,are well-placed to speak up and take action.Articulate and negotia

117、te a generational contract.Though family businesses are more willing to talk about succession as a result of the pandemic,the stages and conditions of succession are often unclear.Its vital to have an ongoing conversation about what will drive growth in the future and your role in achieving it.Its a

118、lso vital for there to be a clear understanding of what you need to do,as NextGens,to win the trust and confidence of the current generation.Hone your leadership skills.You know you have a lot to learn and still feel you need to prove yourself.But leadership today requires a different set of capabil

119、ities.Its time to question whether you want to create yourself in the image of the older generation in order to be recognised as a potential leader.New times require new types of leaders.If family businesses are to succeed in a rapidly changing environment,they need visionary leadership.This is a wa

120、tershed moment.Its time to reimagine what success meansand you,as NextGens,have the foresight to lead the way.You know the path the business must follow;its up to you to become the leader your business needs.Be yourself.Be different.Drive change.12344 Paul Leinwand and Mahadeva Matt Mani,Beyond Digi

121、tal:How Great Leaders Transform Their Organizations and Shape the Future(Harvard Business Review Press,2022).5 Paul Leinwand and Mahadeva Matt Mani,Seven imperatives for moving beyond digital,strategy+business,21 Dec 2021, PwCs Global NextGen Survey 2022Get in touchPeter EnglischGlobal Family Busine

122、ss and EMEA Entrepreneurial and Private Business Leader,Partner,PwC Germany Andrea Baars NextGen Program Lead,PwC Germany Cydnee Griffin NextGen Program Manager,PwC US 22 PwCs Global NextGen Survey 2022About the NextGen surveyPwCs Global NextGen Survey 2022 is an international market survey among ne

123、xt-generation members in family businesses.The goal of the survey is to get an understanding of what NextGens are thinking on the key issues of the day,what role they are playing and what roles they think they should play.The survey was conducted online,with 1,036 interviews in 68 territories,betwee

124、n 8 October and 12 December 2021.Thanks and acknowledgements Wed like to thank the 1,036 NextGens who generously gave their time to respond to our survey,and:Lulwa Al-Soudairy,Jamie Cooper,Gabriela Fabian,Nicole Gilbertson,Hristo Hristov,Stasshani Jayawardena,Sean Jolayemi,Cindy Karim,Dr Linda Lehne

125、r,Yinmeng Liu,Elia Nuqul,Charlie Rubin,Wongsakorn Sirimongkolkasem,Jasper Yildirim Wed also like to thank the NextGens who told us their stories,which have added colour,insights and a personal touch to our survey findings.Oge Elumelu,the Tony Elumelu Foundation;Vincent Fong,Raze Technology;Isabelle

126、Randon Frota,Randon CompaniesWere indebted to the insights and contributions of the following PwC experts.Peter Englisch,PwC Germany;Hannah Harris,PwC UK;Renee Klein,PwC US;Catharina Prym,PwC Germany;Ng Siew Quan,PwC Singapore;Susanne Stormer,PwC DenmarkThis survey would not have been possible witho

127、ut the commitment and dedication of our report writers and our research,design and web agencies.Liz Fisher,report writer;Jigsaw Research(James Flack,Sarah McKee and Ann Morgan);Brunswick Group(Adam Bracey);TheTin(lann Carel-Maloney and Micaela Apes);Court Three(Mark Norman)Wed like to thank those in

128、 PwC network roles who provided invaluable support and contributions.Niall Anderson-Brown,PwC UK;Andrea Baars,PwC Germany;Edward Beese,PwC US;Sara Cooper,PwC US;Kunal Gandhi,PwC UK;Cydnee Griffin,PwC US;Christina Mller,PwC Germany;Romina Perchthaler,PwC UK;Michael Reeves,PwC UK;Deborah Unger,PwC UK;

129、Neil Wilson,PwC UKAcademic perspectivesProfessor Kenneth Goh,Singapore Management University,Singapore;Professor Jennifer Myatt Pendergast,John L.Ward Center for Family Enterprises at Northwestern University,United States;Professor Peter Vogel,Institute for Management Development(IMD),Switzerland;Professor Thomas Zellweger,University of St.Gallen,Switzerland 2022 PwC.All rights reserved.PwC refers to the PwC network and/or one or more of its member firms,each of which is a separate legal entity.Please see for further