Next gen will shock as they do it their way

Those in charge of family businesses are oblivious to how much the next generation will want to change. Implementing formal governance structures should be the first priority for the up-and-comers.

In the decade ahead, many Australian family businesses will be unrecognisable. We will see a massive transformation as baby boomers retire and the next generation, or Next Gen, moves in. Over the next decade, there will be greater focus on governance and performance management. It will be a different kind of family business. Perhaps less inclined to take risks, but more professionally run with formalised governance structures.

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