{"id":11364,"date":"2024-05-14T18:50:14","date_gmt":"2024-05-15T01:50:14","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=11364"},"modified":"2024-05-14T18:50:21","modified_gmt":"2024-05-15T01:50:21","slug":"next-gen-family-business-survey","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/feusa\/next-gen-family-business-survey\/","title":{"rendered":"Next-Gen Family Business Survey"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.16″ custom_padding=”4px|||||” global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_divider color=”#397389″ divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_cta title=”Unlock Growth: Optimize Your Shareholder Liquidity Strategy” button_url=”https:\/\/us02web.zoom.us\/webinar\/register\/7916902497205\/WN_NAw6RPJKQK2yg0SdIF5orA” button_text=”Discover essential tactics to safeguard your family business’s future. Reserve your seat now!” admin_label=”Call To Action Top” _builder_version=”4.24.3″ _module_preset=”default” background_color=”#397389″ custom_button=”on” button_bg_color=”#ff0019″ custom_margin=”-17px|||||” custom_padding=”16px||19px|||” global_module=”9695″ saved_tabs=”all” global_colors_info=”{}”][\/et_pb_cta][et_pb_divider color=”#397389″ divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text admin_label=”1″ _builder_version=”4.24.3″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

87% of Americans go to work every day for a family business, and around the world, family businesses play an enormous role in local and global economies. <\/span><\/p>\n

The\u00a0Smith Family Business Initiative<\/span><\/a><\/span>\u00a0<\/span>at Cornell University, in cooperation with Family Enterprise USA and The Roberts Group, designed a survey to give voice to next-generation family business owners (including those who may not currently be part of a family business but who may be interested in starting, joining, or working with one in some capacity in the future), so that we can better understand their concerns and attitudes towards family businesses, in order to better support their needs.<\/span><\/p>\n

[\/et_pb_text][et_pb_divider color=”#397389″ divider_style=”dotted” disabled_on=”off|off|off” _builder_version=”4.19.5″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”10px||2px|||” global_colors_info=”{}”][\/et_pb_divider][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/wp-content\/uploads\/2024\/05\/BC-Version.-Next-Gen-Survey-2024.pdf” url_new_window=”on” button_text=”Discover insights from the next generation. Explore the survey findings!” admin_label=”Read More Button” _builder_version=”4.24.3″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][\/et_pb_button][et_pb_divider color=”#397389″ divider_style=”dotted” disabled_on=”off|off|off” _builder_version=”4.19.5″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”10px||2px|||” global_colors_info=”{}”][\/et_pb_divider][et_pb_text admin_label=”2″ _builder_version=”4.24.3″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

Our survey respondents were enrolled in a family business or entrepreneurship-related course during the 2023-2024 academic year.<\/span> Although only schools in North America were targeted, respondents came from a variety of countries and cultures.\u00a0 Overall, we received 92 partial and full responses. Among these, 51 indicated they come from a family that owns or operates a family business, and 41 indicated they do not, and of those nearly 70% indicate they will either rejoin or remain employed in their families business after completion of their studies.<\/p>\n

When asked for the first term that came to mind when hearing the term \u201cfamily business,\u201d <\/span>the most frequent response (supplied by 17 people) was \u201clegacy,\u201d followed by other words including \u201cfamily,\u201d \u201csuccession,\u201d and \u201cbusiness.\u201d Other words that were repeated included \u201csmall,\u201d \u201cplan,\u201d \u201cloyalty,\u201d and \u201ccommunication.\u201d<\/p>\n

For those who come from family businesses, their families\u2019 businesses cover a variety of industries and are headquartered mostly in the US<\/span> (30 out of 49 who answered), with the rest coming from a range of other countries, including Canada, China, Colombia, Ecuador, India, Pakistan, Philippines, Taiwan, Thailand, and Uzbekistan. Over half (of 50 responses) indicated their family businesses were founded between 1951-2000. 31 (of 50 responses), or 62%, indicated they are currently involved and\/or employed in the family business. 36% of these same respondents indicated they would rejoin the family business at some point in the future. Only 1 respondent indicated he\/she\/they would never rejoin the family business. The majority of respondents (62%) are second-generation in the family business. The age range of respondents is from 18 to 40, with an average of 23.9.<\/p>\n

The biggest concern identified was family communication<\/span>, followed by growing revenue and succession planning, having the business remain competitive, and whether they are qualified themselves to join\/take over the business.<\/p>\n

Finally, students were challenged with the question \u201cIf you had the courage to ask your parents any question, what would it be?\u201d<\/span> the responses revealed how difficult family conversations tend to be, especially as it pertains to the family business, money and wealth, and difficult decisions. \u00a0many of them wanted to ask about the plan for succession. A few of the most poignant responses included:<\/p>\n

 <\/p>\n