Why consultants should work with the next generation of business owners

• 100% of those aged 18 to 35, versus 77% of 60+, who considered it important to work together as a family;
• 96% of those aged 18 to 35, versus 67% of those 60+, think of the family business as a legacy to be left to future generations;
• 95% of those aged 18 to 35, versus 74% of 60+, would be willing to invest in their next generation business;
• It is important for the family to handle the business, compared to 95% of those aged 18 to 44, 65% of 45+;
• 87% of those aged 18 to 44, versus 70% of 45+, expect future generations to retain ownership of the company.

The survey also revealed that 91% of the respondents considered it important to build a sustainable business.

“The next generation is well-positioned to really step up and take over the leadership,” said Brashett, adding that the younger generation now sees an opportunity to make their mark on the business and bring the tech savvy to it.

Richa Arora, Senior Family Advisor, KPMG Family Office for KPMG in Canada, said: “Over the years working with families during the pandemic, we have seen a positive change in terms of families coming to the table. There is more desire, and more interest, from the perspective of the next generation, to try to better understand the business and see if they can continue the same entrepreneurial spirit that their parents had. They want to capture. They want to make a mark and shape the business in a positive way.”

Bruchette said the pandemic has probably exacerbated this by creating more family cohesion.

“Children are being raised as digital natives, so there is a lot of technology impact. There is a desire to bring more innovation, new ideas into the business,” he said. Between how they go about it, what ideas they have more willing to bring up and bridge the gap. That’s where we’ll start seeing a little bit more change.”