NCFB launches Succession Intentions Report

On April 9th last, DCU National Centre for Family Business (NCFB) launched the report, 'To Join or Not to Join? Understanding the Succession Intentions of Next-generation Family Business Members', at AIB Head Office on Molesworth Street in Dublin. Drawing on an all-island university partnership including Cork Univesity Business School  and led by the DCU National Centre for Family Business with expert colleagues at Ulster University, and University of Limerick, the research reveals next-gen succession aspirations are healthy on the island of Ireland; in contrast to European and global counterparts.

Global studies suggest that a succession crisis in family firms is on the horizon with low succession intentions among next-generation family members reported.  However, Ireland appears to be bucking that trend evidenced by the release of a national report titled “Understanding the succession intentions of next generation family members”.  The report is one of the outputs from a collaborative all-Ireland research project spearheaded by the National Centre for Family Business at DCU and in partnership with University College Cork, University of Limerick and Ulster University. 

The report attests that succession aspirations and intentions are healthy across the island of Ireland and educational choices, sustainability, emotional well-being and socio-emotional wealth play a vital role in the shaping of next-generation. The study found that 48% of participants have seriously thought about taking over their family’s business and 40% expressing strong intentions to become a successor.  The intentions of male participants to take over the business is double that of females.  60% reported SDG 8 (Economic & Decent Work), 11 (Sustainable Cities and Communities) and 12 (Responsible Consumption and Production) as goals they see themselves contributing to as a potential successor.  Participants are students of the four universities’ who’s family businesses come from a variety of sectors including Agriculture, Construction, Hospitality/Tourism, Retail, and Manufacturing

Dr Linda Murphy Department of Management and Marketing was the CUBS lead on this project, congratulations Linda.

You can read more about the event here and read the full report here.