Small businesses are the economic engine of our economy

Small businesses are the economic engine of our economy — and all family businesses, even the largest ones, started small. But with their growth come new opportunities and challenges. Thanks to Brightstar Capital Partners and Campden Wealth, their 2023 North American Family Business Report sheds light on these dynamics, offering invaluable insights in the status of Family Businesses in North America.

Here are some key takeaways:

* A staggering 51% of all family-owned businesses will experience a change in leadership over the next decade- highlighting a critical transition period.

* The report also emphasizes the importance of leadership skills learned through unique experiences, such as those gained in military service, non-profits, and work outside of the family business.

* It underscores how important it is to “provide access to mentorship and guidance from experts” for Next-Gen family members in the succession.

These reflections resonate with my own journey in leadership and mentorship, emphasizing the need for family businesses to proactively adapt and innovate. Over the years, I’ve enjoyed working with CEOs in transition as they think about the future.

As we navigate an evolving economic landscape, (I’m biased of course) but I think the strategic acumen of military veterans could be key in steering these businesses towards continued success. Seth Jordan is a thought leader in that area.

Finally, it speaks to the importance of understanding the differences between each generation. Erik Qualman and Jason Dorsey are thought leaders in that realm as well.

Thanks to Andrew Weinberg and his team for putting together the report: Michael Drexler, Maha Eltobgy (now with The Rockefeller Foundation), Meghan Juday, Jonathan Quigley (now with The Consello Group), Craig Thomas, and Cara Toolin.

Also thanks to Brien Biondi and Dominic Samuelson from Campden Wealth.