We all know that family firms that are successful review their business model regularly, innovate and reflect on the need to meet the needs of a changing environment.
Technology and the technology sector are ripe for family business involvement and as this piece points out can form the basis of new entrepreneurial spin-outs, or a family based technology business going forward.
Technology might just be the space to give a family firm a new boost too.
Recognise the value family-run businesses bring to the technology sector. Entrepreneurship often runs in the family and so too does ingenuity. Take Jordan Daykin, who along with his Grandfather came up with the idea for GripIT Fixings, going on to build a company worth over £10m. Or even Nintendo, which started its life as a family business manufacturing Japanese playing cards, emerged into consumer electronics and now produces one of the most popular gaming apps currently taking the world by storm. Existing owner managed businesses (including family businesses) are also a good source of technology. While they may be more inclined to "stick to their knitting" even the most traditional business could look within and consider whether anything they do could be exploited or taken in a different direction - perhaps as part of the business or a separate venture.