Jakub and Jedrzej Krzyszkowski/Stocksy
Summary.
We have entered a new era that’s presenting unprecedented challenges, as well as significant opportunities, for family enterprises. Some of the traits of successful family businesses — their long-term outlook, strong financial resilience, stakeholder loyalty, and commitment to positive social impact — will aid their success in this new era. However, other traits — such as their insistence on privacy and control, their narrow definition of stewardship, their prioritization of family harmony over family unity, and their slowness in making big changes and reversing course — will need to change.