The resilient family enterprise
Turning challenges into opportunities
Despite their reputation for resilience, optimism and agility, most family businesses have been under significant pressure to respond to the general health, safety, and welfare challenges introduced by the COVID-19 pandemic, along with the operational disruptions to their business. This series explores how the same traits that set family businesses apart are creating authentic opportunities for resilience, growth, and recovery.
- #1 - Unique characteristics of family enterprises that could position them to thrive
- #2 - Thriving at the intersection of purpose and trust
#1 - Unique characteristics of family enterprises that could position them to thrive
The introductory article in the Resilient Family Enterprise series examines how COVID-19 brings new focus to family business issues like succession planning, values and purpose, and legacy.
Upcoming articles will include the following topics:
- Purpose and trust
- Power and performance: The role of governance
- Beyond business: Philanthropy and strategic investing
- The post-COVID workplace
- Your family business: Planning with a 100-year horizon
- Well-being and health: The enterprise, the family and the individual
- What’s next for family businesses?
#2 - Thriving at the intersection of purpose and trust
In recent years, companies across the economic spectrum have increasingly been engaged in a rethink about what drives them beyond making a profit. Many family businesses had a head-start on this. At one point in time or another, every family business founder had to come to grips with this question of purpose.
The global pandemic has shaken businesses to their core, impacting relationships with employees, customers, suppliers, communities, and other key stakeholders. Amidst this upheaval, family business leaders are looking for ways to reconnect with these constituents and even extend their reach. And that search has them thinking anew about the intersection of purpose and trust.
#3 - The role of governance in the family enterprise
COVID-19 is teaching family businesses many lessons about preparedness, agility, and adaptation. It is also underscoring the need for critical self-assessment—a hard look at what’s working, what isn’t, and what’s not being discussed.
That’s what good governance is all about—building resilience.
No company can avoid the imperative to change in reaction to the coronavirus pandemic. The goal is to come out of this period with a strategy that will help us thrive in the next normal, navigating uncertainty and change together.