Family businesses are organizations with very particular characteristics that are constituted through two different realities: the company and the family. Therefore, their permanence and sustainability over time are important for the different sectors of the economy in which they participate. Hence 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 shutdown that the economy experienced in the different countries. This global context of uncertainty, 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 form of use of technologies in business and communication is transforming the economy and the form of interaction between people. 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 generation and the next, 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 under way for a few years and is even much mentioned with the introduction of Industry 4.0. However, the recent contingency accelerated technological processes in companies and those with a higher level of professionalization adapted more quickly to these new business models, many of them becoming winners of new positions in the market.
Naturally, younger generations will find it easier to master technological tools, as well as adapt companies' business models to new ways of operating. This function must be recognized within family businesses and supported to be performed effectively.
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