Emotional Ownership The Critical Pathway Between the Next Generation & The Family Firm
11th January 2008 Paul Andrews
An international survey exploring the bond between the next generation and the family business. The report explains many of the psychological complexities that make building family capital both a rewarding and challenging task.
It is estimated that only one in ten family businesses survive beyond the third generation and younger family members often face special challenges when trying to ļ¬nd their role within the family ļ¬rm. Emotional Ownership is the latest report by London Business School to put the spotlight on the next generation.
The aim is to achieve a better understanding of how families can achieve higher levels of engagement with tomorrow’s owners and leaders, which in turn will help support their ongoing business success and achieve greater family harmony.
Emotional Ownership explains many of the psychological complexities that make building family capital a rewarding and at times a challenging task. It calls upon the senior generation to examine carefully the way they interact with their offspring, and provides practical frameworks and ideas to help families develop effective strategies to manage generational transitions and to ensure the success and sustainability of their ļ¬rms.
The IFB Research Fellowship at London Business School has focused on building greater knowledge and awareness of next generation issues. This report follows hot on the heels of our earlier publication Ready, Willing and Able? (IFB January 2007). Through this work, and other research commissioned by the IFB, we aim to promote a deeper understanding of the issues which confront family ļ¬rms.