KENNESAW, Ga. | Sep 5, 2025

How Perceptions, Planning, and Succession Shape Family Businesses

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Family businesses are celebrated for their trust, commitment, and long-term vision. But according to a recent national perception study conducted by  and , the public doesn’t always see the full picture.

Surveying more than 1,000 U.S. adults, the study revealed key perception gaps that can affect brand reputation, talent attraction, and competitiveness. One surprising finding: words like charitable and socially responsible ranked lower than expected. This is at odds with the reality that many family businesses are deeply rooted in their communities—funding scholarships, supporting local causes, and investing in long-term impact. If the public doesn’t associate them with generosity, perhaps we’re not telling that story loudly enough.

Another striking result: 84% of respondents believe family businesses struggle more with change than other companies. While tradition is central, many family businesses are leading with innovation, adopting new technology, and developing strong succession plans. Yet if the narrative remains that they’re slow to adapt, it could hinder partnerships and hiring.

Finally, the study found that only 27% of people view family businesses as great places for career advancement. That’s a major disconnect, considering the personalized growth, mentorship, and leadership opportunities these businesses often provide.

The takeaway is clear: perception isn’t fixed — it’s shaped by the stories we share. Family businesses have an opportunity to close the gap by highlighting community impact, showcasing adaptability, and amplifying employee success stories. The legacy of family business isn’t just tradition—it’s resilience, innovation, and opportunity.

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We've all heard of DNA—the foundational genetic blueprint that drives an organism's growth, development, and functioning. In families, its impact is unmistakable. You see shared traits like appearance and mannerisms passed down through generations, yet each generation remains uniquely its own.

Your family business has DNA too. Just like in living organisms, it serves as the foundation for growth and development. It's not static but doesn't change quickly, and its influence runs deep throughout your organization.

Understanding and identifying your company's DNA is the starting point for sustainable success. At its core, strategic planning answers two fundamental questions:

1. WHO you are
2. HOW you will be successful

Knowing who you are must come first. This clarity answers critical questions: "Why do we do what we do?" and "Why do our customers choose us over competitors?" It's where you boldly claim your space in the market and define your vision for the future.

Once your identity is clear, you can chart your path to success. Your identity becomes the North Star that informs how you operate and approach the market. Your brand and messaging then communicate to customers what sets you apart from competitors.

For family businesses, strategic planning becomes an investment in building your legacy—defining how you want to be known now and for generations to come. Success doesn't happen by accident and is only sustained through intentional cultivation.

Understanding your identity and success path might feel overwhelming, but it doesn't have to be. Your strategic plan becomes the practical tool that transforms your vision into measurable results, ensuring your family business thrives across generations.

One of the greatest strengths of a multigenerational family business is the ability to draw from tradition while leaning into new ideas from next-gen leaders. The outgoing generation holds the wisdom of experience with stories of grit, lessons from challenges, and the core values that shaped the company’s culture. These are not just nice-to-have memories; they are the bedrock that gives the next generation confidence in where the business has come from and why it matters.

But confidence alone isn’t enough. For many rising leaders, stepping into ownership or management comes with a mix of excitement and pressure. They’re expected to honor a legacy while also moving the business forward in a rapidly changing world. Balancing these two responsibilities—preserving what works and daring to innovate—is the heart of succession.

So what can incoming leaders focus on as they step into this role? Three areas stand out:

1. Listen First, Lead Next. Take time to learn from the outgoing generation and from longtime employees. Understanding the history and culture of the business helps you lead with context, not just ambition.
2. Clarify the Values. Succession isn’t just about strategy—it’s about identity. Naming and carrying forward the values that shaped the business gives you a foundation to make decisions confidently.
3. Bring Fresh Perspective. Don’t be afraid to introduce new ideas, technologies, or ways of working. Innovation grounded in values is what keeps a family business relevant across generations.