Research Library: Developing the Millennial Generation in Business Families

The Millennial Generation (individuals born between 1984 and 2000) represent 25% of the world's population and 80% of the workforce. This generation is known for shifting traditional paradigms of conventional business models, career paths, work styles and work environments, work-life balance, family models, definitions of success, and expectations of life. The Millennials are making life decisions that will impact their family enterprises, such as whether to enter the family business or launch an entrepreneurial startup; how to build a successful life and career; and how to be a good owner, contributing family member, respected leader, and responsible global citizen.

How family enterprises can understand and integrate Millennials, and harness their innovation and creativity, is at the heart of this study. While much research has been done on the Millennial generation, this is the first in-depth exploration of Millennials in business families and their Baby Boomer parents. The study examines how members of the Millennial generation, who are members of business families, think about their lives and careers, and how their parents think about them. It explores how to integrate the Millennial generation into various roles in the family enterprise, and how to understand what motivates Millennials in today's world.

The findings of this study will be published in a white paper at the end of 2017 and discussed at a conference on next generation development at a date to be determined.