Carrie Hall, EY Americas Family Business Leader
With the beginning of a new year, it is the perfect time for a retrospective of the top ten EY Family Business findings of 2015 based on our analysis from the global family business survey.
Our Staying power: how do family businesses create lasting success?, Women in leadership: the family business advantage, and Preparing or Procrastinating? How the world’s largest family businesses undertake successful successions reports provided critical insight on the current state of family businesses across the globe, as well as secrets to building and maintaining a lasting legacy for generations to come. Here are ten of the key takeaways:
- 87% of the world’s most successful family businesses have clearly identified who is responsible for succession.
- 90% of the top global family businesses have a board of directors.
- 55% of the largest and most successful family businesses believe entrepreneurship is very important when preparing the next generation of leaders.
- 55% of the world’s largest, longest-lasting family businesses have at least one woman on their board.
- 70% of the top family businesses are considering a woman for their next CEO.
- The world’s leading family businesses average about five women in the C-suite and four women being groomed for top leadership positions.
- Family business succession planning often overlooks the importance of attracting great talent.
- Successful family businesses clearly define who is responsible for succession.
- The world’s longest-lasting family businesses maintain a robust entrepreneurial climate.
- Outside work experience is not necessarily key to effective family business succession.