According to a study released by the Business Families Institute at SMU (BFI@SMU) and Deloitte, the majority (62 per cent) of business founders surveyed said that they only expect to transition out of management in their 70s. This is despite the fact that 46 per cent of business founders thought that the next generation would ideally take control of the family firm in their 30s, and a further 46 per cent said that this would preferably happen when the successor was in their 40s. Indeed, the second generation is keen for the first generation to transition out of the decision-making role earlier, not so much because they are anxious to take over, but that the first generation’s preference to step aside at 70 means the next generation will be about 50 when they take over. Thus, there will be a more uphill struggle to gain recognition from employees, partners and customers, said SMU Vice President (Business Development & External Relations) and Academic Director of BFI@SMU, Associate Professor Annie Koh.