Family businesses are organizations with very particular characteristics that are constituted through two distinct realities: the business and the family. Therefore, their permanence and sustainability over time are important for the different sectors of the economy in which they participate. Hence arises the need to successfully manage the different situations that may arise throughout the life of these family businesses.
The COVID-19 pandemic brought an important challenge, due to the necessary stoppage that the economy experienced in different countries. This global context of uncertainties, constant changes and insecurity is the new scenario in which family businesses compete, which is why increasingly flexible structures are needed to facilitate rapid strategic and operational decision-making.
The arrival of an intense way of using technologies in business and communication is transforming the economy and the way people interact. In the family business, this internal revolution will be led by the next generation, for which one of the most important challenges is to work together between the current and the next generation, both for a common objective: the continuity of the business and family union.
The key movement is called Digital Transformation, which is an initiative that has been underway for a few years and is even mentioned a lot with the introduction of Industry 4.0. However, the recent contingency has accelerated technological processes in companies and those with a higher level of professionalism have adapted more quickly to these new business models, many of them becoming winners of new market positioning.
Naturally, younger generations will find it easier to master technological tools, as well as adapt companies' business models to new ways of acting. This role must be recognized within family businesses and supported if it is to be performed effectively.
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