Have you ever wondered why family businesses over the years have seemed better equipped to be able to go the distance and succeed, despite global economic ups and downs and other market and business challenges? Is there a formula for family business success that others can follow when it comes to growing a legacy business for generations to come? That was a question firmly top of mind at this year’s EY Family Business Summit which has just taken place in Monaco. The event took a forward looking perspective on the next 10 years, acknowledging that family firms are going to face new realities that will challenge even their strongest of features, notably shared vision, goals and values, strong internal support systems, the collective approach to getting things done. Insights from some of the most successful global family businesses looked to identify what the new competitive advantages for family businesses will be in the future and to redefine what success will look like for the next generations - and it's likely to be very different. One of the important take-outs from the discussions seemed to be that if you are building a family business that you want to ensure succeeds for generations to come, it’s all about constantly innovating, pursuing growth opportunities, and nurturing talent.

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