2022-02-02-KPMG_Global-Relaunch,_recalibrate,_renew_17页_1mb

The pandemic accelerated the need for change in businesses, pushing family enterprises to embrace continuous transformation for resilience and longevity. Unlike corporate transformations, which are often project-driven, family business changes are value-driven and proactive, aligning with the family's purpose and foresight. They prioritize long-term sustainability, stakeholder engagement, and responsiveness to societal shifts like ESG factors.

Successful transformation requires a blend of forward planning and agility. Key elements include fostering a "continuous transformation" culture, where family members act as drivers rather than passengers, supported by systems like family councils and formal accountability structures. Diversification through acquisitions or diversifying into higher-margin sectors may also be needed to navigate changing needs.

Maintaining this momentum involves managing change fatigue and ensuring structural mechanisms for decision-making, accountability, performance measurement, and enterprise risk management (ERM). Early-stage family businesses benefit from leveraging both traditional knowledge and the tech-savviness of younger generations. The concept of "adding value" worthiness also involves strategic workforce management and bridging the gap between family and business to ensure clear roles and responsibilities.

Digital transformation remains crucial but must be viewed holistically to support front- and back-office operations effectively. As with all changes, appointing appropriate leadership—for example, considering non-family CEOs for strategic growth or stability—is vital. Ultimately, building owner capability and ensuring company relevance is central to this deeply ingrained process.