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Global family business survey 2019

by Carl S. Allegretti
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2 minute read 27 June 2019

Global family business survey 2019 Long-term goals, meet short-term drive

2 minute read 27 June 2019
  • Carl S. Allegretti United States
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​Bridging the chasm between long- and short-term priorities can be a challenge for many family businesses. Those who wish to hand down control to future generations need to address the disconnect.

Family businesses tend to lean towards a long-term view that is rooted in shared values, vision and culture. But even though many of them strive to maintain family control, family ownership in itself doesn’t guarantee that a business will survive the decades. In the context of today’s rapidly and fundamentally changing business environment, simply having a long-term orientation is not enough. To thrive, family businesses also need to take relevant short-term action.

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How can family business leaders achieve the right balance between the short and the long term—in the context of the unique family, marketplace and sociocultural dynamics that characterize the family enterprise? That’s the question that this study, Deloitte’s fifth annual global family business survey, explores by tapping into the views of hundreds of family-owned companies in four key areas: ownership, governance, succession, and strategy. While we found that just over one-half believe their organizations are fit for the future, we also found that many family businesses lack clarity in at least one of these four areas. For these businesses, it will be important to find ways to align stakeholder goals, develop a strategy that matches short-term actions to long-term priorities, and explore diversification to become sustainable for the long haul.

Especially interesting is that the long-term orientation of family businesses’ does not necessarily mean that their strategic plans look farther out than the five years typical of non-family-owned businesses. Indeed, of the 89 percent of respondents who said their companies had a strategic plan, 71 percent planned only for the next two to five years, and another 6 percent said that their plan covered only the single year ahead.

To help family-run companies connect the present to the future, we draw on a framework developed by Deloitte’s Center for the Edge that suggests a “zoom out/zoom in” approach to strategy development. This approach calls for leaders to envision what the market will look like in 10 to 20 years and what kind of business will last for the duration—and then to translate that picture into a few select initiatives to pursue in the next 6 to 12 months. Equally important to consider is developing a shared vision by aligning individuals’ goals with those of the enterprise, both financial and non-financial.

It’s also worth stressing that succession planning can be a critical bridge between the short term and the long term. Many family business leaders seem to perceive succession as an event that they would rather not acknowledge or deal with—indeed, only 41 percent of survey respondents said their business was ready for the future in terms of succession planning. Yet an orderly succession is often crucial to keeping the business on track for both the immediate and the far future.

Many successful businesses can fall prey to fast-changing markets that no longer permit traditional approaches. Yet alignment of vision and values is achievable for virtually any family business, provided they have the right discipline, governance structure, and communication practices in place. For family businesses, remaining competitive means translating their vision for the future into a solid plan for action—and executing that plan with vigor and commitment.

Read the full report,
Long-term goals, meet short-term drive: Global family business survey 2019,
for more.

Acknowledgments

We would like to thank all survey respondents and interview companies and the insights they shared for this report.

Cover art by: Anna Godeassi

Topics in this article

Strategy , Leadership , C-suite , Executives

Deloitte Private

Today, private companies are faced with promising opportunities and considerable changes: investing in emerging technologies, expanding into global markets, meeting new regulatory requirements, and restyling the workforce. To help these companies navigate the complexities of this global landscape, Deloitte Private is exclusively focused on offering insights and services to help meet those challenges, including audit and assurance, tax, consulting, and risk and financial advisory services tailored for private companies.

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  • Carl Allegretti
  • Global Deloitte Private Leader
  • Deloitte US
  • callegretti@deloitte.com
  • +1 312 486 9809

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Carl S. Allegretti

Carl S. Allegretti

Partner | Deloitte Tax LLP

Carl Allegretti, partner, Deloitte Tax LLP, has more than 35 years of leadership and client service experience. Currently, he serves as an advisory pCarl Allegretti, partner, Deloitte Tax LLP, has more than 35 years of leadership and client service experience. Currently, he serves as an advisory partner for several of the largest clients of the Deloitte US Firms. Recently, he served as the Managing Partner of Deloitte’s Chicago practice with leadership responsibility for more than 5,800 professionals in the Chicago market. His responsibilities have reached globally through his previous membership on Deloitte Touche Tohmatsu Limited’s (DTTL) Board of Directors, where he served as the Chair of the Global Risk Committee and his leadership of Deloitte Private’s global practice. Carl previously served as Chairman and Chief Executive Officer of Deloitte Tax LLP (Deloitte Tax) with leadership responsibility for more than 10,000 professionals across the United States and India. During his tenure as Chairman and CEO of Deloitte Tax, he collaborated with his leadership team to anticipate market changes; understand client needs; innovate and deliver high-value quality professional services; and attract, develop, and retain a team of high-performing professionals. He also led the Tax practice for the Canadian member firm of DTTL. He regularly speaks at professional forums and on college campuses about leadership, trends transforming the marketplace, and issues that business leaders face in today’s complex environment. Carl’s outside affiliations are reflective of his commitment to youth, family, and athletics. He serves on the boards of World Business Chicago, Civic Committee of the Commercial Club, Imerman Angels, It Takes a Village Chicago, and the National Football Foundation. He also serves as Chair of the Audit Committee of the Ann and Robert H. Lurie Children’s Hospital of Chicago, is the Co-Chair of the After School Matters Advisory Board, and was the former Chair of the Illinois Special Olympics. Additionally, Carl was named to the 2009 American Youth Football Hall of Fame and was recognized with the National Football Foundation Award for his contribution to amateur football. He has also successfully completed 69 marathons and two ultramarathons—often as part of fundraising events that enable him to give back to the community. He is also a member of the American Institute of Certified Public Accountants and is a certified CPA in Illinois and Indiana.artner for several of the largest clients of the Deloitte US Firms. Recently, Carl served as the Managing Partner of Deloitte’s Chicago practice with leadership responsibility for more than 5,800 professionals in the Chicago market. His responsibilities have reached globally through his previous membership on Deloitte Touche Tohmatsu Limited’s (DTTL) Board of Directors, where he served as the Chair of the Global Risk Committee and his leadership of Deloitte Private’s global practice. Carl previously served as Chairman and Chief Executive Officer of Deloitte Tax LLP (Deloitte Tax) with leadership responsibility for more than 10,000 professionals across the United States and India. During his tenure as Chairman and CEO of Deloitte Tax, he collaborated with his leadership team to anticipate market changes; understand client needs; innovate and deliver high-value quality professional services; and attract, develop, and retain a team of high-performing professionals. He also led the Tax practice for the Canadian member firm of DTTL. Carl regularly speaks at professional forums and on college campuses about leadership, trends transforming the marketplace, and issues that business leaders face in today’s complex environment. Carl’s outside affiliations are reflective of his commitment to youth, family, and athletics. He serves on the boards of World Business Chicago, Civic Committee of the Commercial Club, Imerman Angels, It Takes a Village Chicago, and the National Football Foundation. Carl also serves as Chair of the Audit Committee of the Ann and Robert H. Lurie Children’s Hospital of Chicago, is the Co-Chair of the After School Matters Advisory Board, and was the former Chair of the Illinois Special Olympics. Additionally, Carl was named to the 2009 American Youth Football Hall of Fame and was recognized with the National Football Foundation Award for his contribution to amateur football. He has also successfully completed 69 marathons and two ultramarathons—often as part of fundraising events that enable him to give back to the community. Carl is also a member of the American Institute of Certified Public Accountants and is a certified CPA in Illinois and Indiana.

  • callegretti@deloitte.com
  • +1 312 486 9809

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