Did you know that the majority (80 percent) of corporations around the world are family-owned? Yet only three percent continue operating beyond the fourth generation. In the Hindu Business Line, Egon Zehnder’s Jörg K. Ritter and Sonny Iqbal shared their insights as to whether this trend can be altered, and how. “The trend is that the majority of next gen is interested in doing things not connected to their family businesses,” said Ritter, the Berlin-based co-leader of Egon Zehnder’s Global Family Business Advisory. “We have seen this in Europe where the next gen just wants to take the money and start another business. Of course, some are happy to modernize their traditional family business, introduce digitalization and so on, but largely the trend is they are interested in doing other things.” Involving the next generation and preparing them to take charge is a priority for family businesses.
Full Story: Chitra Narayanan: “What Does It Take for Family Businesses to Last Generations?” in The Hindu Business Line (31 January 2018).