US family enterprises remain optimistic despite very real challenges ahead. They fully recognize that to thrive in a fast-evolving business landscape and still-uncertain economy, they’ll need to out-innovate their peers and seek new avenues of growth. That requires harnessing the right blend of entrepreneurship, talent, technology, and leadership. Our report discusses how family businesses are rising to the challenge and what they can do to improve their odds.
- Nearly all US family businesses are confident about growth for the next five years.
- Various headwinds remain strong, however -- tough competition, still-uncertain market conditions, and the challenge of finding skilled workers being chief among them.
- The need to continually innovate is among the top long-term concerns for family businesses, many of which view a knack for innovation in the next generation as key to future success.
- While 76% of US family business leaders intend to pass ownership to the next generation, one-quarter plan to enlist outside management to actually run the company.
More than half of family businesses plan to sell abroad, up from 30% since our previous survey.