More and more companies have to make a decision on passing the power on to the next generation. Heirs often do not want to take over – writes “Rzeczpospolita” in a report from a discussion panel held at the Economic Forum in Krynica.
– Family companies are rooted in tradition and have to grow without rejecting their heritage – otherwise they will lose their distinguishing characteristics – said prof. Jerzy Hausner.
This was also emphasized by entrepreneurs running family companies. – We try not to look at our companies exclusively from a family perspective: we have an investor, there are people from outside the family in the board. I do not know if my kids will want to continue my business which is why I do not want to identify the company with the family alone – says Adam Krzanowski, co-founder and chairman of Grupa Nowy Styl.
EY reports show that very few young people want to take over their parents companies – only ca. 5 percent of university students. – However, when they graduate they are more likely to respond positively. Those who are raised in entrepreneurial families have a strong drive to create something of their own, rather than take over their parents’ life’s work – says Bartłomiej Smolarek, partner in the Transaction Advisory Department at EY.
Sooner or later, every company will have to choose a successor. – This decision cannot be made hastily – the successor has to be prepared to tackle new challenges. Sometimes they are sent to work outside the organization to get new experience – says Andrzej Malinowski, President of Employers of Poland.