PwC: 2019 US Family Business Survey

Originally Published by PwC.

By Jon Flack, US Family Business Leader

Welcome to our 2019 edition of PwC’s US Family Business Survey

  • 62% expect upcoming family members gain outside work experience
  • 58% have succession plans, however most are informal
  • 47% of next generation leaders take on non-senior roles in the business
  • 39% sit on the board of directors

This year’s findings speak to the importance of being prepared to compete in a far more digital economy, a challenge for business leaders everywhere.
CEOs globally are working to bridge gaps in their data capabilities. Yet family businesses are coming into this arena with an advantage. They have built valuable trust among loyal employees and their ownership group. So how to turn values like loyalty and hard work into a multi-generational success story We see four moves ahead to consider to build a lasting and profitable legacy:

  1. Codify your values and purpose into your strategy. If this is where your family business has a competitive edge, take it to the next step.
  2. Ensure the next generation is deeply involved – they have a lot to offer families grappling with digitalization.
  3. Determine the skill sets needed for a more digital future. Raising the ‘Digital IQ’ of the business is closely entwined with raising digital capabilities of existing workforce and determining future skill sets. With 80% of US CEOs expecting AI to significantly change the way they do business in the next five years, the race for talent will only intensify. US family business leaders are aware of the challenges, keeping and rewarding employees are seen as top priorities.
  4. Professionalize the board by bringing in independent directors with external expertise in future growth areas for your business.

Thinking through the implications of a more digitally-integrated economy should not be decoupled from thinking through who should run the business in the future and who can best help guide it.

I hope these findings serves as a useful starting point for conversations you will have with the current and next generation of leaders as you set a course for continued success.

You’re invited to register with us to receive the full report. Let us know if you have any questions or would like to discuss.

Latest News

woke politics

Republicans Launch a War on ‘Woke’ Politics in Hopes of Big Legislative Wins in 2022

In 2020, former President Barack Obama warned that the phrase “Defund the Police” could become a dangerous rallying cry for the conservative right. But now, Republicans have apparently taken that warning one step further, declaring war on all things “woke.” Allan Smith and Sahil Kapur of NBC News wrote that…

women in politics

Women Remain Vastly Underrepresented in Local Government, Despite Conventional Wisdom Suggesting Otherwise

Vice President Kamala Harris and Speaker of the House Nancy Pelosi sat behind President Biden during his first speech to a joint session of Congress on April 28 — representing the first time two women held such important and high-ranking political offices. Even after such a historic moment, the reality…

voter restriction

Florida Follows Georgia’s Lead, Approves Racist Anti-Voter Restrictions Aimed Primarily at Democrats and People of Color

Not content with letting Georgia be the only state in the South demonized for its bigoted and racist attacks on voter rights, Florida has jumped into the fray in issuing its own series of new and highly controversial “Jim Crow-esque” anti-voting restrictions aimed specifically at disenfranchising Democrats and voters of…

Kentucky Derby

Inspired by Protests Over Breonna Taylor’s Death, Humana and Kentucky Derby Festival Launch Diversity and Inclusion Initiative in Louisville

Ahead of the 147th Kentucky Derby on Saturday, May 1, Kentucky Derby officials and Humana (No. 25 on The DiversityInc Top 50 Companies for Diversity list in 2020) have announced a new equity initiative meant to make the race more accessible and welcoming to everyone, regardless of race, gender, age…

crimes against human ity

‘Crime Against Humanity’; Global Report Says the US Should Be Prosecuted in International Criminal Court for Ongoing Police Murders of Black Americans

In what has been described as a “devastating” report, human rights experts and lawyers have investigated and released a 188-page analysis of the ongoing police brutality and killing of Black Americans in the U.S. Their verdict: the country is guilty of “crimes against humanity” and should be prosecuted for its…

Tokyo, Olympics

Tokyo Olympics to Encourage Significant Increase in Gender Equality Among Event’s Corporate Sponsors

Besides simply being a showcase for some of the most talented and athletic men and women on the planet, the organizers of the Tokyo Olympics are hoping their event this summer can also help promote significant change in corporate culture, both in Japan and around the globe. Bloomberg’s Ayai Tomisawa…