There are a multitude of issues that threaten the financial health and well-being of family enterprises in Canada and around the globe. These challenges motivate what we do to prepare the next generation in family enterprises for sustained success.
Profitable family enterprises are always at risk, largely because the social dynamics that underlie them are too often ignored. There is an urgent need to address them today as cross-generational gaps widen. The financial snapshot of a family enterprise is irrelevant when the leaders within it are at odds with one another.
Preparation of the Next Generation
The pivotal question that is crucial in the family enterprise sphere is whether the next generation will be ready to answer the call. It is becoming increasingly common for family members to be uninterested in following in their elders’ footsteps. Often this is either due to a lack of know-how in the next generation, or unhelpful family dynamics. The future of the business depends on how these issues are addressed and managed.
Innovation vs Tradition
Maintaining a consistent identity is a core element of what makes family enterprises a unique part of our economy. Yet there are times where the preservation of tradition can lead to stagnation and decline. We seek to help family enterprises evolve while maintaining their authentic identity.
Knowledge gained and applied leads to more family enterprises enduring from generation to generation – what a strong Canadian economy and a better Canada is built on. The Family Enterprise Legacy Institute at the Telfer School of Management is single-minded in its determination to contributing to exactly that.