The FT talks about the need for inviting the nextgen into family businesses. It has some interesting feedback on how to invite the nextgen in, the need for not having competition and egos, and the need for getting these next generation on your side.
Faced with the great opportunities that this new generation has, and the fact that the legacy businesses may not offer the same level of opportunities, it makes it even more important to consider this very very carefully.
EY has shown in its report last year, in a global study that less than 7% want to join the family business. This is an alarming figure and the founder generations need to pay attention to this if they want to see perpetuity of the family business, or make alternate plans, like sell off or hand it over to professionals to run. But having the next generation on your side, becomes imperative.