Continuous and consistent innovation is tough in every business scenario, but this proves to be an even trickier pursuit in the family business landscape. A multigenerational environment normally reigns in these enterprises, and it can be difficult to foster change when emotions and personal relationships come into play.

 

That being said, inaction is far riskier than the possible turbulence that comes with proposing change. In a quickly evolving dynamic landscape, with new businesses and ventures setting up shop every day and a market that engages with fresh and innovative concepts, staleness is a sure recipe for quick decline.

 

One must also keep in mind that the market is not the only player that needs to be engaged. It is also up to the current family members running he business to make sure that there is a next generation group or individual to take over when the time comes to pass the baton.

 

The younger generation is part of a shifting mindset towards positive change, and young people are generally more inclined to be a part of something that makes positive social and economic impact. While these factors may not have been crucial to foster success in the past, this does not guarantee continued success in the future. Being innovative can seem both frightening and risky at times, but there can be little reward without risk.

 

So, how can the generations bridge the gap and come together to foster continued success and learn from the rich experience of the older generation while tapping into the potential and strengths of the younger members of the family?

 

It all boils down to being intentional. Changing just for the sake of change may lead to some form of quick success, but it is short-sighted at best and normally burns out as rapidly as it began.

 

When a family business starts looking ahead to the future, it is important to go back to the start and identify which goals have persisted and what has remained at the core of the enterprise. The different generations should sit down together and first focus on what they have in common, while bridging gaps between their differences and building shared goals for the future.

 

This is the starting point for the roadmap that will build the future of the business brick by brick, with the successes of the past and the will to innovate as its strong and solid foundation.

 

Think about what your business has to offer. What is it that the family business stands for? How does this impact the market?

 

The next step is to think about the capabilities of your business. How does the family do business? What methods does it use? How is the product or the service delivered?

 

Think about leadership and about the various talents of the different members, and how these come into play to create a system that works and fosters success.

 

At the end, circle back to those shared goals and discuss the different expectations of each member and generation. What does everyone want to achieve?

 

During these discussions, it is important to push the boundaries and think about how the answers to the questions asked above can easily change. Products can evolve, methods can change, leadership can shift, and goals can alter. Nothing is more valuable than acknowledging that there is a steady path connecting what currently works and what is possible, and these discussions enable the family to walk back and forth between these two scenarios to find the best possible way forward.

Every family business has its own set of unique qualities, resources and relationships, and this is what makes family businesses so strong. Being flexible, creative and open to change is as important as clarifying what the non-negotiable factors are, and respect is essential during these discussions.

 

The older generation needs to remember that the younger members of the family will be the ones dealing with the repercussions of a stale business that refuses to change and innovate, while the younger generation must understand the history and roots of the business and the personal ties the enterprise has with their ancestors.

 

Allowing the future managers of the business to understand and appreciate what has been built thus far creates a mindset that fosters mindful and intentional change, and having these discussions can strengthen connections between family members from different generations while ensuring the longevity of their legacy.

 

It can be difficult to envision change when something has worked and resulted in success for such a long time, but like everything that blooms in nature, the business landscape is constantly evolving, with new opportunities and new dangers entering the scene. At the end of the day, it is a question of survival of the fittest and when it comes to evolution, nothing ensures victory quite like a good change.