Family Businesses – The Digital Revolution is Coming to Get You

Despite being everywhere, disturbingly, most family businesses are watching the digital phenomenon passively. But if they don’t change this attitude and actively embrace digitalisation soon family-owned companies are unlikely to have a business in a few years time, let alone one to pass on to the next generation. I have talked to many family businesses and believe that few are taking digitalisation, and how it might disrupt their business, seriously enough. Some time ago, I spoke to a book publisher who thinks that digitalisation isn’t going to destroy his industry like it did the music publishing business. But isn’t he making a big assumption? Those who know the power of disruptive innovation would say so. But his view is symptomatic of the attitude I’m seeing among many family businesses in plenty of different industries.