Every business organisation has a unique set of challenges and problems. The family business is no different. Many of these problems exist in corporate business environments, but they can be exaggerated in a family-controlled business.
Family businesses go through various stages of growth and development over time. Many of these challenges will only occur once the second and subsequent generations enter the business. Common challenges identified in family businesses include lack of sufficient succession planning and exit strategies, identification of new leadership and communication with the next generation.
In order to ensure that a sustainable family business is created it is important that:
At PwC we have a significant focus on family-owned businesses and have developed an approach to help family businesses formalise building blocks for the future and implement proper communication mechanisms with the various stakeholders.
We all learn from each other, whether it’s those who have gone before us, or the people around us today who we trust. These connections and relationships are fundamental to each of us as we shape our future.
As part of PwC’s Next Gen Club, you’ll become part of a network of people to support you as you choose your leadership path. Some Club members will be facing the same questions and challenges. Others will have been there and done it. One thing's for certain though, they’ll all be powerful connections who can share experience, insight and expertise. They’ll know what it takes to run a business, create a philanthropic enterprise, or embrace new technology and ways of working. They’ll know people you can work with. People who can help you grow and evolve your own business. Or start building your own legacy.
And you’ll be able to draw on the connections of the wider PwC network - whether that’s global educational institutions, established businesses, charities, industry bodies, professional networks and more. You’ll meet people who understand technology and innovation; people who can help you find investment opportunities; people who can help you understand the fast-paced, dynamic and evolving world that we’re all part of today.
Whichever direction you want to take, the Next Gen Club will help you build connections and turn your ambitions into action.
With the PwC network behind it, the Next Gen Club is truly global – but that doesn’t mean it has to be. It all starts with local groups and connections, wherever you’re based. So you can plug into a group of people with relevant expertise and similar situations from day one.
For more information, contact Catharina Prym.