Global Family Business Report 2024
Balancing tradition and change for enduring success
Finding ways for tradition and innovation to co-exist is one of the most common challenges in building a lasting legacy in family businesses. By exploring the essence of legacy and its impact on business performance, the detailed data analysis, academic insights and the firsthand experiences of family business CEOs in this report contribute to a deeper understanding of the importance of balancing tradition and innovation for long-term success in family businesses.
Some key highlights
Not only does legacy connect generations and help ensure the continuity and heritage of entrepreneurial success, but it also shapes the long-term vision of the family’s business and guides their strategic choices. Should they expand into new markets? Invest in cutting-edge technology? Diversify or stay true to their traditional business operations?
Legacy may sometimes weigh heavily on those choices and we believe it’s necessary for family businesses to recognize when it’s right to lean on tradition or when they should dare to leap into the unknown — without the fear of losing what defines the family and the family enterprise. And so, while legacy has often had a historical perspective, a more contemporary view expands that definition by recognizing that legacy is an important building block for the future because of the positive contribution it makes to business performance and the environmental, social, employee and supplier sustainability impact of family businesses.
This future-oriented view of the “essence” of legacy is an important perspective — not only because of the impact it may have on your business today, but how you can leverage it for the success of future generations.
If you have any questions or would like to discuss this topic further, please reach out to Maarten Merkus or Olaf Leurs.
