Deloitte Survey Reveals Generational Split Over Succession Planning

Succession planning and engaging the next generation are top concerns for many family offices. Deloitte’s 2024 Family Enterprise Survey, the theme of which is “Uncovering generational perspectives,” takes an in-depth look at these issues — particularly areas of disconnect between current and rising generations.

The report’s focus is on family enterprises, though it mentions family office investing as one way of engaging next-generation members. But many of its insights may resonate even with families whose enterprise is a family office rather than an operating business.

For example, the survey found that members of the current generation and the rising generation in family enterprises have differing views of how succession planning is going. When asked whether the rising generation has a very high level of participation in decision-making, for example, members of the current generation were almost twice as likely as members of the rising generation to say yes (28% versus 15%). (It’s also noteworthy that significant majorities of both groups did not answer yes to this question.)

Similarly, almost half of the rising generation respondents (46%) said they expect to hold leadership, C-suite or executive-level roles within the business within five years. However, only 28% of current-gen respondents said they expect NextGens to take charge within five years. These seemingly disparate responses are not necessarily contradictory — it’s possible that rising-gen members will gain leadership positions but not fully take over, for example. Still, the survey highlights the importance of clear communication in facilitating generational transitions.

About the Author

Margaret Steen

Margaret Steen is the editor of FO Pro, The Family Office Professional. Based in Silicon Valley, she has written for Family Business Magazine for more than 15 years.


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