Family businesses play a crucial role in tackling major global challenges. These companies have a special ability to integrate social and environmental objectives into their operations and business. Because of the family connection to the business, they tend to care as much about making money as they do about making a difference in the world. This can lead to some real positive changes in the communities where they operate. For example, some studies have shown that because of the strong link between the family and the company's reputation, family-run businesses often act as role models, focusing on looking after everyone involved to maintain their good reputation.
What's more, since family businesses generally think in the long term and about passing on the baton to the next generation, they tend to create environments where people feel responsible for the future. This encourages them to adopt practices with a positive impact. In fact, companies that think long-term are more likely to be committed to making a positive social difference compared to those that don't give so much thought to the future.
Today, entrepreneurial families driven by a well-defined purpose recognise that social impact is most effective when it is understood and implemented holistically across all of the family's assets and activities. Whether through philanthropy, the creation of socially conscious companies, sustainable investment (also known as socially responsible investment), ESG (environmental, social, governance) strategies, the creation of excellent workplaces, investment in green technologies or countless other ways, these types of activities collectively reflect the family's impact on people and the planet. They are an important part of the legacy of these families.
Nova SBE, a pioneer among Portuguese business schools in the study and support of family businesses, will be hosting IFERA's (International Family Entreprise Research Association) annual conference in June this year, dedicated to the theme Family Firms - Leading for Impact.
The purpose of the event is to bring together academics and researchers from all over the world to discuss pertinent issues related to the essential role of family businesses in economic and social development. We believe that this conference will be a unique opportunity to share knowledge and experiences, as well as to foster an enriching debate on the subject.
Links:
Nova SBE Leadership for Impact Knowledge Centre
