At BCR, we are deeply committed to advancing the understanding and success of family businesses. We recognize the unique challenges and opportunities that come with managing, growing, and transitioning a family business, and we are passionate about sharing valuable research, insights, and resources to support the families who lead them.
We believe that by sharing knowledge and fostering a collaborative environment, we can help our community of family businesses navigate complex issues, build stronger legacies, and create lasting positive impact. Whether through research publications, events & workshops, or personalized guidance, we are here to support your journey every step of the way.
Our friends at Family Business Magazine and Brightstar Capital Partners have developed “The Pulse of Family Business”, a series of four surveys that provide brand-new findings and dig deeply into the challenges and opportunities facing family businesses. Here is a preview of some of the key findings from their first survey, which explores Family Engagement and NextGen Expectations:
- Uncertainty Around NextGen Engagement and Succession
- A significant challenge for family businesses is the uncertainty regarding whether the next generation will join the business. According to the survey, 57% of respondents are unsure if their next generation intends to join the family business, while only 19% confirmed that the next generation has already joined
- Improving the Odds Through Engagement and Governance
- Family councils play a crucial role in improving family engagement. The survey shows that businesses with family councils report a 10% higher engagement rate compared to those without one. However, only 47% of family businesses currently have a family council.
- Families with higher engagement levels report better alignment on both family and business goals. In fact, 71% of highly engaged families say they are aligned “all of the time,” compared to only 43% of less engaged families
- Setting Clear Expectations for NextGen Involvement
- 78% of respondents require next-gen members to work outside the business first, while 50% require them to report to non-family members, and 43% mandate specific educational qualifications such as certifications or an MBA
Visit Family Business Magazine to download the full report!
