Family business next gen have eyes on the prize [Video]

Half of college students whose parents run a family business have aspirations to take over the family firm in the future.

DCU’s National Centre for Family Business interviewed 375 next-generation university students with an average age of 22 years.

Males surveyed were significantly more likely than females to covet the prize and to feel a higher degree of “psychological ownership” of the business.

This gender discrepancy is also found in perceived ownership stakes of the next generation.

Males were significantly more inclined to strongly feel this very high degree of personal ownership (59%), than their female counterparts (41%).

However, a third of the students said they have negative or ambivalent feelings of attachment towards their family business.

While 80% of respondents have worked in the family firm, only 15% have an equity interest.

A strong theme of family succession also emerges from the research, as three out of four respondents believe the next CEO of the …