How Have Technological Advances Affected Traditional Family Businesses?

Devin DeCiantis talks about how rapid technological changes have impacts on all aspects of family enterprise.

Many family companies operate in more traditional industries, and so in many ways technology is a greater threat to those and those companies that are already in the high-tech space and are used to the churn rate and are used to this sort of environment of accelerated creative destruction. And so family companies need to both understand that this is happening more generally but also potentially adapt the industries in which they operate. Or at least, the ways in which they connect the technology, the ways in which they think about responding and relating to their customers, the way in which they think about managing their employees, the way in which they think about sharing information with owners, the way in which they think about their own brand and communication with the broader world, these are all things that family companies will need to internalize in the years ahead and disruptive technologies are going to change the way they do that, but the ultimate strategy around that is something that families still have plenty of control over.