Survey: Young heirs avoid family businesses
Source: Xinhua |
March 17, 2012, Saturday
|
Print Edition
Print Edition
MANY Chinese are reluctant to take over their family's firms when their parents retire, according to a survey.
A survey of 182 family firms by a Shanghai Jiao Tong University team found 82 percent of surveyed heirs said they were reluctant to take over the family business.
The average age of the entrepreneurs surveyed was 52 and succession in the business has become an increasingly visible concern, the survey found.
Family owned businesses, most of which started during the reform and opening up drive around 30 years ago, will enter a core power-shifting period from founders to their children in the next 10 years.
However, only 18 percent of the younger generation confirmed their willingness to take over from their parents, according to the survey.
Professor Yu Mingyang, leader of the survey team, said many of the young family members, who were born in the 1970s or 1980s showed interest in electronic commerce and IT related businesses, not the business started by their parents.
Some even said that they wanted to pursue a career as officials, a dream shared by many university graduates, the survey said.
According to a report presented late last year by the research organs of the All-China Federation of Industry and Commerce, around 85.4 percent of China's private enterprises belong to family businesses, in which individuals or families own a controlling stake of more than 50 percent.
A survey of 182 family firms by a Shanghai Jiao Tong University team found 82 percent of surveyed heirs said they were reluctant to take over the family business.
The average age of the entrepreneurs surveyed was 52 and succession in the business has become an increasingly visible concern, the survey found.
Family owned businesses, most of which started during the reform and opening up drive around 30 years ago, will enter a core power-shifting period from founders to their children in the next 10 years.
However, only 18 percent of the younger generation confirmed their willingness to take over from their parents, according to the survey.
Professor Yu Mingyang, leader of the survey team, said many of the young family members, who were born in the 1970s or 1980s showed interest in electronic commerce and IT related businesses, not the business started by their parents.
Some even said that they wanted to pursue a career as officials, a dream shared by many university graduates, the survey said.
According to a report presented late last year by the research organs of the All-China Federation of Industry and Commerce, around 85.4 percent of China's private enterprises belong to family businesses, in which individuals or families own a controlling stake of more than 50 percent.
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