Citi Private Bank and Cambridge Family Enterprise Group provide a roadmap for family businesses to navigate the turbulence of the 2020s

NEW YORK–(BUSINESS WIRE)–Citi Private Bank released today The future of the family business: turbulence and transformation in the 2020s, a report that is the result of a year-long study in collaboration with the Research and Education Division of the Cambridge Family Enterprise Group (CFEG). Two-thirds of families surveyed for the report say they are moderately to extremely concerned about the turmoil ahead, including its impact on the next generation of leaders. This report examines these key concerns and provides the latest thinking, strategies and approaches for moving forward.

It is clear that most businesses and industries will be disrupted or at least seriously impacted by the turbulence of the 2020s. In today’s complex and hyperconnected world, the pace of change has accelerated, disruptions are happening more frequently and a crisis anywhere can have a butterfly effect with global ramifications. Family businesses and family offices will be affected, and those unprepared for new threats and opportunities will be left behind. Family organizations – and the families who own them – need a distinct set of strategies to ensure their continued strength and resilience.

“At Citi Private Bank, we are committed to helping global families continue their success into future generations. This study identifies a unique model specifically designed for enterprising families to thrive despite today’s ups and downs,” said Ida Liu, Global Head of Citi Private Bank. “Whether it’s having tough conversations about transferring leadership or investing in new technology, this report can be used to spark important multi-generational conversations within families about how to adapt. proactively to upcoming challenges and opportunities.

The future of the family business studies and research interviews show that enterprising families expect turbulent times and recognize the imperative for change – although they are less certain of their ability to change the means necessary to succeed. Although they are generally optimistic about their future success, they are more confident about their ability to perform well in the 2020s (10 years) than in the next generation (25 years).

The report aims to help families design effective short- and long-term strategies to meet the challenges ahead by explaining how family businesses can change course and strategize to be on the right track. It describes how the global macro landscape has changed, the key dimensions of the new formula for family business success, and presents five strategies for implementing it:

  1. Reorient and re-equip your owners: Ensuring owners are well-equipped for today’s hyper-connected and fast-paced world is increasingly important to the success of family businesses.
  2. Prepare to pivot: The ability to pivot to face threats and seize opportunities is the most defining characteristic of successful families.
  3. Accelerate your digital transformation: Strong digital capabilities often translate into strong financial performance and family businesses need to catch up.
  4. Make social impact a priority: A holistic approach to social impact, whether through community work, philanthropy or sustainable investing, will be essential for families in the next decade.
  5. Engage and revitalize your family: Success requires a commitment to developing family governance and a family culture that includes all generations and all types of talent.

“In today’s ever-changing world, the very way families think about stewardship needs to change,” says Dr. John Davis, professor at MIT and president of CFEG, who led the study. “Instead of focusing solely on the preservation and transmission of the traditional family business, good stewardship today must be understood as the growth of multiple types of value based on family values. This may include whether or not the traditional family business is preserved. Each generation can, and often must, add value with different assets and activities, requiring families today to deploy an agile strategy for what they own.

The report can be downloaded here.

About Citi Private Bank and CFEG:

Citi Private Bank is dedicated to serving wealthy and affluent individuals and families, providing personalized private banking services across borders. With total revenue of approximately $500 billion, the franchise serves customers in 50 cities in more than 100 countries. Citi Private Bank helps clients grow and preserve wealth, finance assets, grow cash, protect assets, preserve legacies, and meet the needs of families and family businesses. The company offers its clients products and services spanning capital markets, managed investments, portfolio management, trust and estate planning, investment finance, banking and aviation finance, advisory and corporate finance. art and sports funding.

Cambridge Family Enterprise Group (CFEG) is a globally recognized authority on family business and family wealth. Founded by Professor John Davis in 1989, CFEG is a thought leadership, consulting, education and research organization dedicated to helping homeowning families around the world achieve multigenerational success and weather changing times. The Cambridge Institute for Family Enterprise (CIFE) is its research and education arm. Additional information can be found at

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