A message from Lee Fitzpatrick_
The lessons I learned from being the 4th generation in an 80-year-old family business were powerful and set me up with some of the skills that now allow me to understand and support family businesses to grow and thrive.
Digital transformation and innovation are some of the key challenges facing family-owned companies today. Customers are better informed, less understood, and more connected than previous generations have ever experienced. It is estimated that in 10 years from now 60% of the world’s leading companies will be replaced by new ones, proving that innovation has never been more important.
Family firms are often assumed to be conservative with innovation. And this is partially true due to the unique shareholder set-up where the majority if not all of the business is owned by family members that have a larger percentage of their wealth tied to the business.
A study from IE insights directly shows that as the percentage of family wealth invested in a business increases, innovation is reduced. This is because when their wealth is highly concentrated in the business, family owners tend to be more sensitive to financial losses when making strategic decisions than other, more diversified shareholders.
However, the truth is that many family-owned businesses are actually amongst the most innovative in their industries. Moreover, many of them can thrive across generations, which indicates that the spirit of innovation is at the very heart of their company culture.
This is the potential that really excites me.
So what key strengths can family businesses lean in on to drive innovation and growth?
It is my hope this e-guide, written and produced by Outlaw Creative, will provide great insight and encouragement to the family businesses that are leading the way, but also offer genuinely helpful solutions for those looking to implement a strategic framework in order to take their ambitious brand one step further towards success.