Megatrends in Family Business

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The past decade has brought changes in our understanding of family businesses. This article identifies 10 “megatrends,” which are evolving changes fundamental to understanding and working with family businesses. Identified trends include focusing on generational transitions rather than business succession; team management and ownership as a developing norm; the increasing importance of strategic planning in family business; increasing financial sophistication; increasing managerial professionalism; refining retirement; expanding roles for women; increasing sensitivity of professional service providers to family business; and increasing availability and quality of family business education and consulting.