Citi Private Bank and Cambridge Family Enterprise Group Offer a Roadmap for Family Enterprises to Navigate Through the Turbulent 2020s
A global, multigenerational study commissioned by
It’s clear that most businesses and industries will be disrupted or at least seriously impacted by the turbulence of the 2020s. In today’s complex and hyper-connected world, the pace of change has accelerated, disruptions occur more frequently, and a crisis anywhere can have a butterfly effect with global ramifications. Family-owned businesses and family offices will be affected, and those that aren’t prepared to address new threats and opportunities will be left behind. Family-run organizations—and the families that own them—require a distinct set of strategies to ensure their continued strength and resilience.
“At Citi Private Bank, we’re committed to helping global families continue their success into future generations. This study identifies a unique blueprint especially for enterprising families to prosper through today’s highs and lows,” says
The Future of Family Enterprise study and interview research shows that enterprising families expect turbulent times ahead and recognize the imperative to change – although, they are less certain about their ability to change in the ways that are needed to succeed. While generally optimistic about their future success, they are more confident about their ability to perform well through the 2020s (10 years) than through the next generation (25 years).
The report aims to help families design effective short-term and long-term strategies to meet the challenges on the horizon by explaining how family enterprises can change course and set strategies to be on an effective path. It describes how the global macro-landscape has shifted, key dimensions of the new family enterprise success formula, and presents five strategies for implementing it:
Reorient and retool your owners: Ensuring owners are well-equipped for today’s fast-changing, hyperconnected world is increasingly important for family enterprise success.
Get ready to pivot: The ability to pivot to address threats and seize opportunities is the most defining characteristic of successful families.
Accelerate your digital transformation: Strong digital capabilities often translate to strong financial performance and family enterprises must catch up.
Make social impact a priority: Holistically approaching social impact, whether through community activities, philanthropy or sustainable investing, will be key for families in the coming decade.
- Engage and revitalize your family: Success requires a commitment to develop family governance and a family culture that includes all generations and types of talent.
“In today’s ever-changing world, the very way families think about stewardship needs to change,” says Dr.
The report can be downloaded here.