By any metric, family businesses have had to contend with extraordinary changes over the past two years. And yet, for family enterprises, the focus has shifted from the past to the future.
The effects of inflation on purchasing power may have dominated the headlines in 2022, but success in the form of business growth is where family firms are directing their attention. A recent PwC survey of NexGen family business owners supports this orientation, with 65 per cent of respondents placing the growth of their business as a top priority. Despite the struggles of 2022, family business leaders are hopeful about the future.
Here are 10 Quotes from 2022 that Foresee the Hope Ahead
“With recent events, we’ve seen the many opportunities businesses have to make a positive impact at the community or societal level. For us, generating this impact will always be a source of motivation and inspiration.”
“I’m a positive person and believe that change represents opportunity. No business can remain the same over 90 years. It’s important to understand what’s happening around you and find the positives.”
“The impact of our company culture became very evident during the 2020 shutdown. Non-family members in our business worked alongside family members with the same zeal and spirit. Their work projected resilience and provided assurance to my team that we were all in it together.”
“ESG investing or impact investing has been growing dramatically. It’s easily a trillion-dollar industry that didn’t exist 10 years ago…I think that meta-shift tells us we’re heading in the right direction, and the intergenerational transfer of wealth that is currently underway will help to further support ESG initiatives.”
“I think the next generation is more conscious about seeing all people as human beings and empowering them. We have a long way to go, but I believe we’re on the right path to make people, respect, dignity and empathy as important as profits.”
“It’s common for individuals to have their ambitions, but they also must realise what it means to continue the family legacy. It’s not just about profit-making; it’s about values, love, and sacrifice.”
“As our fourth generation develops, becoming educated in this business and this world, it’s impossible to predict what they will face; there’s been so much change in my lifetime alone. But regardless of what the future brings, I sincerely hope our family stays meaningfully engaged in the family business and the community we’re a part of.”
“If we can give individuals and corporations the materials to be sustainable, then we can work together towards a greener future. My advice is don’t be afraid to take risks in favour of your values.”
“I believe that every company, from Apple to Exxon, needs to look at what its legacy is going to be moving forward. Profit-making alone isn’t a sustainable model. Different sectors are investing in ESG in ways that I’d never thought would be considered viable, and it’s only gaining momentum.”
“Apart from careful planning, trusting ourselves and staying optimistic regardless of circumstance is the best and perhaps only way to confront the uncertainty of tomorrow.”