Bridging the gap - handing over the family business to the next generation

PwC's Private Clients team spoke to more than 200 next generation family business members in 21 countries who are likely to take over the family business.

Key findings

To achieve a successful succession, a family business needs to bridge three gaps:

  • The generation gap: The next generation see opportunities for change in response to global megatrends including new technologies.
  • The credibility gap: Establishing the credibility and authority in the family business is one of the greatest challenges for the next generation.
  • The communications gap: The differing mindset between the current and next generation can lead to 'sticky baton' syndrome where the current generation hands over the business in theory, but in reality retains control over everything that really matters.

Hear from Mark Whitby, Managing Director, The Whitby Group

Mark Whitby, Managing Director, The Whitby Group discusses the pressure of being the second generation. He talks about his decision to join the family business, his plans for the future, and how he's managed succession with his parents and siblings.

Mark Whitby is the Managing Director of his family's 7-hectare tourist park in Canberra. The business was purchased by his parents in 1989, and the site has recently gone through a major A$9m revamp which increased capacity from 500 to 850 beds, as well as rebranding under the Alivio name. But that's only the start: the family see great potential to expand the business.

About the Whitby Group

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Joining the family business

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Managing expectations

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Advantage of being a family business

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Mark's proudest moment working in the family business

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Biggest personal challenge

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Contact us

David Wills
Partner, Private Clients
Tel: +61 (3) 8603 3183
Email

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