Debate 26th Economic Forum “The young generation takes the reigns: successors in family businesses”

Polish family businesses are facing the first wave of succession. What will their business reality look like under the new leaders’ reign? How will the leadership style and family businesses’ strategies change? What will be the challenges to be faced by the new leaders? Will they be able to maintain family nature of the business? How will investment priorities, sources of development’s financing and the approach towards innovation change. What criteria were used to identify new leaders?

During the panel we will discuss the findings of the recent international Deloitte survey: “Successors in family businesses: preserve family values” conducted in 19 countries in EMEA among current and future successors. 80% of respondents declare, that their leadership style will differ from the previous one, 56% want to change the strategy of the firm and the corporate governance. Innovation is considered as one of top 3 priorities to 76% of respondents. Similarly 61% of older generation considers innovation important but 40% would not accept the risk involved. At the same time 51% of successors want to take risk more often than founders but in a more controlled way.
Globally only one out of three family businesses successfully accomplishes the process of full authority transmission to the next generation. And almost 64% successors declare they will take over without the formal succession plan. Would early preparation to become a leader (declared by 44%) allow successful taking the reins? Together with the Polish successors and foreign family business practitioners we will discuss the future of family business in Poland.
Partner Deloitte