Business Owners Turning To Next Generation For Leadership

The new digital realities of today's economy have most Canadian family business owners focused on transition, with 78 per cent developing a succession plan or expecting to transition the business to the next generation within three years, says a survey by KPMG. “Technology is dramatically shifting the way businesses need to operate and current leaders are increasingly turning to the next generation to lead going forward,” says Yannick Archambault, national family office leader, KPMG in Canada. “Growing recessionary pressures may further accelerate the pace of this transition as family businesses adapt to new economic realities. Many incoming leaders bring a growth mindset. They tend to have deeper knowledge and exposure to new technologies and innovations and a willingness to integrate social and environmental issues into business planning to make their businesses more resilient and sustainable.” As well, 26 per cent of business owners who don’t plan to pass down the family business intend to sell their business within the next three years.